Jonathan Sealey, CEO at Hope Capital, says “While the Spring Statement wasn’t earth shattering it was positive news that the Housing Growth Partnership for small housebuilders will be more than doubled to £220million. It is these smaller developers and housebuilders that often turn to bridging funding to get their developments off the ground. Any measure that increases positive sentiment amongst builders and developers and gets them building, not only increases the much needed housing supply but also helps to boost the economy.
“The other positive for the housing industry was the commitment by the Chancellor to spend £44bn over the next five years to increase housing supply by 300,000 a year by the mid-2020s, as pledged last Autumn. What we need to see now is if this pledge is actually followed by action and the housing numbers do indeed increase. The funding is there and planning permission is being given, but this needs to turn into action on the ground. Having 44 authorities involved in bidding for their share of the money will hopefully mean that these same councils do what is necessary to ensure that building starts and the houses are indeed produced.”