Chancellor Phillip Hammond made a series of announcements in his Budget statement yesterday [Wednesday 22nd November] aimed at delivering 300,000 new homes a year by the mid-2020s.
He pledged a £44 billion funding package to support housebuilding and boost construction skills, including £1.1 billion to unlock key strategic sites for development, and £1.5 billion to support SME builders.
The Chancellor also abolished stamp duty for first-time buyers on homes of up to £300,000.
David Newton, Managing Director of Chestnut Homes, said: “As a regional developer we welcome the package of measures announced by the Chancellor to support the delivery of much-needed new housing across the country.
“The availability of suitable land and a shortage of skilled workers are two of the key challenges facing the housebuilding industry, so it is pleasing to see the Government targeting investment at these areas.
“Small and medium-sized housebuilders have a major role to play in addressing the country’s housing shortage, and it is therefore encouraging to see the Government pledge further support to the UK’s SME developers.
“Because stamp duty has to be paid up-front, it can act as a barrier to those saving up to buy their first home, so the decision to abolish it for first-time buyers on homes up to £300,000 could be an effective way of stimulating the market in the short-term.
“As a result of the Chancellor’s announcement, the majority of first-time buyers in this area will pay zero stamp duty on their purchase.
“The Government has already demonstrated its commitment to supporting first-time buyers by pledging an extra £10 billion towards the Help to Buy scheme, and this announcement goes a step further in bringing the dream of home ownership within reach of even more people.”
Chestnut Homes is currently building developments in Boston, Coningsby, Lincoln, Alford and Bardney.
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For further information contact Bernie Goodjohn, Senior PR Account Manager at Aylesworth Fleming, on 0116 303 3300 ex 309 or 07891 627406 or email bernie@AFagency.co.uk
Picture Caption: David Newton, Managing Director of Chestnut Homes
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