ACE has welcomed the Budget’s commitment to reverse recent low levels of house building across the country, with the announcement of plans to expand the Get Britain Building Fund. This, along with the launch this week of changes to the Right to Buy scheme, and the launch of the New Buy Guarantee scheme, provide a cohesive attempt to stimulate growth alongside investment in wider infrastructure.
The Chancellor stated that revenues raised through the sale of council homes on the Right to Buy Scheme will be dedicated to building new homes. This should see construction of social housing boosted, while the building of housing for private sale will benefit from the New Buy Guarantee scheme focusing support on first time buyers when they buy newly built homes. Adding to this, the Chancellor committed to expand the Get Britain Building Fund, providing support to the construction sector. In 2011 annual housing starts fell to 98,250.
ACE chief executive, Nelson Ogunshakin OBE said: “2009 to 2011 have seen the lowest levels of new home completions since World War Two. The construction industry offers a key route out of unemployment for thousands of young people while meeting the needs of the wider community, so efforts to stimulate house building are to be welcomed.
“It is positive to see mortgage lenders and house builders signing up to support the New Buy Guarantee scheme and we wait to see how it translates into increased house building in the coming years.”
Notes to Editors
Housing starts in 2011 were down 4% to 98,250 from 2011according to the Department for Communities and Local Government.
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