{"id":4023337,"date":"2019-03-15T09:26:31","date_gmt":"2019-03-15T09:26:31","guid":{"rendered":"https:\/\/www.buyassociation.co.uk\/?p=4023337"},"modified":"2019-03-15T09:26:31","modified_gmt":"2019-03-15T09:26:31","slug":"what-does-the-spring-statement-mean-for-the-housing-market","status":"publish","type":"post","link":"https:\/\/www.buyassociationgroup.com\/en-us\/news\/what-does-the-spring-statement-mean-for-the-housing-market\/","title":{"rendered":"What does the Spring Statement mean for the housing market?"},"content":{"rendered":"

On 13 March,\u00a0<\/span><\/b>Chancellor\u00a0<\/span><\/b>of the Exchequer\u202f<\/span><\/b>Phillip Hammond\u202f<\/span><\/b>delivered his annual Spring Statement<\/span><\/b>\u00a0to the House of Commons\u00a0<\/span><\/b>and vowed the government is determined to fix the broken housing market.<\/span><\/b>\u00a0<\/span><\/h3>\n

The<\/span>\u00a0annual<\/span>\u00a0speech offers a mini-budget, setting out the financial plans for the year<\/span>, and it included some key points involving the\u00a0<\/span>property market<\/span><\/a>.\u00a0<\/span>Mr\u00a0<\/span>Hammond promised funding for\u00a0<\/span>new\u00a0<\/span>homes<\/span><\/a>, especially in key areas, support for affordable\u00a0<\/span>housing<\/span>\u00a0and small builders, and plans to introduce\u00a0<\/span>new\u00a0<\/span>planning\u00a0<\/span>guidelines<\/span>.\u00a0<\/span>\u00a0<\/span><\/p>\n

 <\/p>\n

Boost<\/span><\/b>s<\/span><\/b>\u00a0to<\/span><\/b>\u00a0the housing supply<\/span><\/b>\u00a0<\/span><\/h3>\n

The government is continuing\u00a0<\/span>to\u00a0<\/span>work<\/span>\u00a0<\/span>towards<\/span>\u00a0its\u00a0<\/span>target<\/span>\u00a0of having\u00a0<\/span>300,000 new homes<\/span><\/a>\u00a0built every year in the UK<\/span>\u00a0by the mid-2020s<\/span>, and Mr Hammond proclaimed the government is on track to reach this goal<\/span>.\u00a0<\/span>The\u00a0<\/span>Chancellor<\/span>\u00a0stated:\u00a0<\/span>\u201c<\/span>Building more homes<\/span><\/a>\u00a0in the right places is critical to unlocking productivity growth and makes housing more affordable.\u201d<\/span>\u00a0<\/span><\/p>\n

In England,<\/span>\u00a0the<\/span>\u00a0government is guaranteeing up to \u00a33bn of borrowing\u00a0<\/span>for<\/span>\u00a0housing associations to help the delivery of approximately 30,000\u00a0<\/span>affordable homes<\/span><\/a>.<\/span>\u00a0<\/span>By having lowered borrowing costs,<\/span>\u00a0<\/span>affordable housing<\/span><\/a>\u00a0providers<\/span>\u00a0are likely to boost their output.<\/span>\u00a0<\/span><\/p>\n

Mr Hammond<\/span>\u00a0also<\/span>\u00a0revealed schemes to boost\u00a0<\/span>housebuilding<\/span><\/a>.\u00a0<\/span>F<\/span>rom\u00a0<\/span>the \u00a35.5<\/span>bn\u00a0<\/span>Housing Infrastructure Fund<\/span>,\u00a0<\/span>\u00a3717m<\/span>\u00a0<\/span>will be put towards<\/span>\u00a0unlock<\/span>ing<\/span>\u00a0up to 37,000\u00a0<\/span>new-builds<\/span>\u00a0at\u00a0<\/span>sites\u00a0<\/span>including<\/span>\u00a0<\/span>Old Oak Common in London, the Oxford-Cambridge Arc, and Cheshire.<\/span>\u00a0Money from this fund is given as grants to\u00a0<\/span>local authorities<\/span><\/a>\u00a0and is then<\/span>\u00a0used to provide needed infrastructure to help developers get planning permission<\/span>.<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

An additional\u00a0<\/span>\u00a3<\/span>445m<\/span>\u00a0is going to be used to unlock more than 22,000 homes in the\u00a0<\/span>Oxford-Cambridge Arc<\/span><\/a>. In recent years, new homes have been unable to keep pace with the creation of jobs. Building more properties is\u00a0<\/span>expected<\/span>\u00a0to ease the pressures from the growing demand.<\/span>\u00a0<\/span><\/p>\n

New p<\/span><\/b>lanning\u00a0<\/span><\/b>guidelines<\/span><\/b>\u00a0<\/span><\/b>and<\/span><\/b>\u00a0reform<\/span><\/b>\u00a0<\/span><\/h3>\n

The Chancellor<\/span>\u00a0announced plans to introduce new<\/span>\u00a0planning<\/span>\u00a0guidelines to support housing diversification, especially on larger development sites.<\/span>\u00a0<\/span>A green paper will be published to detail proposed improvements that will focus on accelerating the\u00a0<\/span>planning process<\/span><\/a>.<\/span>\u00a0<\/span><\/p>\n

The<\/span>\u00a0<\/span>Spring Statement<\/span>\u00a0<\/span>also\u00a0<\/span>included\u00a0<\/span>a package of\u00a0<\/span>reforms allowing\u00a0<\/span>a greater change<\/span>\u00a0of use between premises<\/span>, in addition to a new permitted development right for\u00a0<\/span>extending existing buildings upwards for new homes<\/span>.\u00a0<\/span>\u00a0<\/span><\/p>\n

Support for small builders<\/span><\/b>\u00a0<\/span><\/h3>\n

The scheme supporting smaller housebuilders that was first announced in the\u00a0<\/span>2018 Autumn Budget<\/span><\/a>\u00a0is going to be launched next month. Through th<\/span>e British Business Bank<\/span>, the government will provide \u00a31bn of guarantees to support<\/span>\u00a0lending to both small and medium-sized builders. By lowering the funding costs for these builders, the\u00a0<\/span>housing supply<\/span><\/a>\u00a0is expected to be boosted by enabling smaller scale sites to be developed.<\/span>\u00a0<\/span><\/p>\n

\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

On 13 March,\u00a0Chancellor\u00a0of the Exchequer\u202fPhillip Hammond\u202fdelivered his annual Spring Statement\u00a0to the House of Commons\u00a0and vowed the government is determined to fix the broken housing market.\u00a0 The\u00a0annual\u00a0speech offers a mini-budget, setting out the financial plans for the year, and it included some key points involving the\u00a0property market.\u00a0Mr\u00a0Hammond promised funding for\u00a0new\u00a0homes, especially in key areas, support for… Read more »<\/a><\/p>\n","protected":false},"author":1982,"featured_media":19903,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[26,59,6],"tags":[204,205,208,391],"class_list":["post-4023337","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax-mortgages-money","category-trending-news","category-uk-housing-market","tag-budget","tag-chancellor-of-the-exchequer","tag-government","tag-house-of-commons"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/posts\/4023337","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/users\/1982"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/comments?post=4023337"}],"version-history":[{"count":0,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/posts\/4023337\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/media\/19903"}],"wp:attachment":[{"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/media?parent=4023337"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/categories?post=4023337"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/tags?post=4023337"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}