Chancellor to bring 50,000 homes on to the market

Posted on December 6, 2012 by davidb There have been 0 comments

The Chancellor George Osborne announced yesterday during his autumn statement that he plans to kick-start the UK's housing market with a £225 million investment which should lead to 50,000 new homes being added to the market.

The funding for this proposal is projected to come from the £5.5bn infrastructure capital fund with a significant chunk of this total being set aside for the housing schemes that have failed to get past the planning stage due to lack of funding.

Overall the chancellor plans to add around 120,000 homes to the UK's housing market.

It was also revealed by the chancellor that an additional £290m of infrastructure capital would be put aside to free up surplus public sector owned land for housing developments.

The news comes just a few days after the Home Builders Federation challenged the government to be 'radical' in its approach to the UK's housing market going forward.

The news was not welcomed by The Chartered Institute of Housing, who called the chancellor's announcement a "missed opportunity."

Chief executive Grainia Long said: "I'm afraid the government has failed to fully capitalise on the momentum generated by earlier pledges to boost housing.

"While the Chancellor's promise to invest £225m to boost the construction of 50,000 new homes is welcome, it is only a small contribution compared to the scale of the problem. Today's autumn statement makes it clear government still hasn't recognised the scale of the crisis."

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This post was posted in News and was tagged with Government, UK, Home Builders Federation, The Chartered Institute of Housing, Housing Market, Home Building

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