This week's Autumn Budget carried some good news for SME housebuilders as it was revealed more money would be poured into the Home Building Fund to help support smaller builders.

The need for more housing was a central focus for Chancellor of the Exchequer Philip Hammond, as was the need to help the SME housebuilding sector flourish.

With the government's continuing efforts to 'tackle the housing challenge', it pledged an investment of around £44 billion to boost the housing sector and facilitate the delivery of 300,000 new homes every year by the middle of 2020.

Also announced by the Chancellor was an investment of £630 million to harness the potential of small sites for housing development, while the Housing Infrastructure Fund will receive £2.7 billion.

As well as touching on planning reform and urban regeneration, the Chancellor also committed a £1.1 billion fund to 'unlock strategic sites'.

Crucially, at a time when the construction sector is facing a shortage of skilled workers, an extra £34 million will be set aside to develop construction skills.  

The biggest news of the Budget was reserved for 80% of first-time buyers, who will no longer have to pay stamp duty when purchasing a property worth up to £300,000, with stamp duty cuts for those buying in more high-priced areas.

But this was certainly a Budget which focused on the need to invest in housebuilding to aid economic stability.

For more information on the 2017 Budget, click on the link below:

The Construction Index

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