Any good news in the Spring Budget statement?
As the Brexit debacle reached new heights this week, it almost escaped unnoticed that the Chancellor of the Exchequer made his Spring Budget statement on Wednesday. So, what impact will his announcement have on the property market?
With a sluggish housing market being further held back due to Brexit uncertainty, the property industry was really hoping for some sort of incentive to get people moving and maybe a reform of the Stamp Duty system.
Sadly these did not appear, but Mr Hammond did make steps towards addressing the chronic housing shortage by announcing that the government will guarantee up to £3 billion of further lending to allow the creation of 30,000 more affordable homes by local housing associations, £717 million will be released to help build a further 37,000 homes at specific sites across the country and they intend to double the size of a partnership scheme with Lloyds Banking Group to help provide £220 million in additional finance for small builders.
He also announced reform of the planning process with the intention of speeding up applications, creating more flexibility around different uses of buildings and making sure that there is a greater diversity of housing provided in larger developments.
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