Chris Schutrups, managing director of The Mortgage Hut Group, has welcomed chancellor Phillip Hammond’s Autumn Statement announcement of £1.4 billion spending on new affordable homes as the boost the sector needs. He said the pledge to deliver 40,000 affordable homes and allow renters to buy their own homes was “great news” for the housing market as a whole.
The chancellor also introduced a £2.3b housing infrastructure fund to help provide 100,000 new homes in high demand areas. In addition he gave assurance that the Right-to-Buy scheme for housing association tenants would continue, as would the Help-to-Buy equity and ISA schemes because these improve the affordability of housing and renting.
Schutrups commented: “We have had promises before from successive chancellors that funding would be available to ‘Get Britain Building’ and it has not actually happened. There seems a new determination this year that the pledge will be followed through and that is to be welcomed.
“We work with a lot of affordable and first time buyer developers and home purchasers and it is very clear to us that the supply of new houses has been nowhere near the level to meet the demand for them. In part this is due to planning regulations and red tape which have put off developers from moving forward on low-cost and affordable home projects.”
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