Kim Vernau comments on the Chancellor's Autumn Statement and the drive to build more affordable housing
- Date: 25/11/2015
Kim Vernau, CEO at BLP Insurance, comments on the Chancellor's Autumn Statement:
“The Chancellor’s Autumn Statement offers great promise for housebuilders and potential homeowners. Almost £7bn has been designated to help tackle the current housing crisis, with most of the finances put aside to help working families and individuals buy homes, through grants for shared ownership properties.
“Doubling the affordable housing budget when the government is cutting back across departments, sends a signal that the government is taking serious steps to fulfil their promise to address the housing shortage. £2.3bn will directly fund the 200,000 new starter homes announced at the Conservative Party conference in October. Further the £400m allocated to help build 8,000 specialist homes for older people or those with disabilities is recognition of the requirement to support an ageing population. These are both positive commitments.
“Demand for affordable property has been at extremely high levels for some time now. We will need to wait to see the impact this will have on private renters who are burdened with high rents due to the lack of affordable houses on the market.
“Challenges remain which require longer term solutions including addressing the current skills gap and resolving the delays presented by the current planning processes. These challenges are significant and, in the absence of solutions, will continue to have an adverse impact on the speed with which new homes are built.”
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