The Chancellor of the Exchequer delivered his Spring Statement reaffirming the government’s commitment to oversee the building of 300,000 homes annually.
The Chancellor also announced 26,000 new affordable homes in the capital. He also highlighted that 60,000 first time buyers have already benefited from Stamp Duty relief which was announced during the Autumn Statement 2017.
Additionally, the Housing Growth Partnership, which provides financial support for small housebuilders, will be more than doubled to £220 million.
The announcement to build 215,000 homes within the West Midlands region by 2031 could see a thriving sector of the UK property market further accelerate where price growth is concerned. Even with (Brexit) uncertainty surrounding the property market more affordable regions have seen a continual level of buyer demand. This and so this increased investment into the local property market should only see this continue.
Yet London has been one of the worst hit areas in terms of a dwindling desire for property amongst buyers in a seemingly saturated market. The government only delivered around 7,000 affordable homes of the 116,000 homes projected by 2022. There is clearly a large disparity which doesn’t look like it will be closed any time soon to help patch-up the London property market.
What are your thoughts on todays spring statement? Feel free to comment below…