Brokers, lenders and distributors must all work with Chancellor Philip Hammond to meet the house building pledge that he is widely anticipated to make in tomorrow’s Budget, Craig Hall, new build and development manager, Legal & General Mortgage Club has said.
The Chancellor has previously said that house building is the “number one priority” in the Budget and the “powers of the state” will be used to force construction numbers up to 300,000 units per year.
Hall praised the Chancellors potential pledge but called on him to provide a detailed and innovative plan if he hopes to succeed where others have failed.
He said: “If anything, this commitment to build 300,000 new homes a year demonstrates the government’s intent to tackle the housing crisis in the approaching Budget.
“However, the Chancellor needs to be forthcoming with a detailed plan of action to meet these targets on Wednesday, and it will need to be innovative. Not only does that mean providing clarity on measures such as Help to Buy, but also considering support for new ways of building the thousands of homes Britain needs.
“Brexit threatens to reduce the pool of skilled labourers available to build these properties, and the UK’s reliance on traditional methods of construction also runs the risk of slowing house-building down.
“As an industry – brokers, lenders and distributors – we all need to work together with government to meet these targets, but Wednesday stands as a perfect opportunity for the Chancellor to address the missed opportunities of the past and set out a coherent plan of action to address our housing shortage once and for all.”