0800 169 2383

Budget announcement to boost housing industry

Aside from the headline stories that came from the recent Budget announcement, the Federation of Master Builders (FMB) particularly welcomed George Osborne’s pledge that £500m would be made available by way of a Builders Finance Fund.

It is a pledge designed to boost the housing industry in the UK, and is aimed at small house builders. One of the biggest issues facing small and medium enterprises (SME) house builders, according to Brian Berry of the FMB, is finance. He suggests:

“Many major banks are still reluctant to lend for small residential developments.”

The UK housing market is much on the minds of the general public, and the chancellor did not ignore these concerns. He announced that schemes such as Help to Buy will be extended, as well as a “right to build” initiative in which £1.5m will be allocated to help individuals build their own homes. Alongside this, a new 15,000 home Garden City will be developed in Ebbsfleet, as well as the aforementioned Builders Finance Fund, which is hoped will give SMEs a chance to boost supply within the housing market.

Berry went on to say, however, that the FMB was disappointed that the budget overlooked the suggested reduction in VAT on housing renovation proposed recently by the Cut the VAT campaign. This campaign is supported by trade associations from across the industry, notably including the FMB, and wishes to highlight the economic weight behind allowing more homeowners across the country to refurbish their homes, whether it’s laying laminate flooring in Liverpool or loft conversions in Loughborough.

No Comments »

No comments yet.

RSS feed for comments on this post.

Leave a comment