Autumn Statement 2016: Chancellor announces extra £1.4billion to build new homes

Chancellor Philip Hammond has delivered his first Autumn Statement, and it’s good news for the construction industry.

The Housing Infrastructure Fund will energise the construction sector through house building, while creating more jobs and boosting the wider UK economy.

With a growing population, the UK continues to suffer from a severe housing shortage.

The additional funding for new homes will help to alleviate the issue, though many more homes are still needed.

More affordable houses should make it easier for first-time buyers to step ontothe property ladder.

Investment in housing and infrastructure is necessary for continued economic growth in a post-Brexit Britain.

In addition to the Chancellor’s pledge for more funding for housing, £23bn w

ill be spent on innovation and infrastructure over the next five years, while £1.1bn will be invested in local transport networks in England.

Before the Autumn Statement was delivered, there were calls for the Chancellor to empower small to medium-sized builders and developers to deliver more affordable homes

Housing and the lack of available stock formed the heart of this year’s Autumn Statement, highlighting the government’s commitment to economic growth despite the potentially bumpy road ahead, and easing the housing crisis.

For more information on the Autumn Statement 2016, click on the link below:

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