Chancellor to pledge 300,000 new homes a year in tomorrow's Budget

Speaking on the BBC's Andrew Marr Show, Chancellor Philip Hammond said the Government would not simply "pour money in", but would do "whatever it takes" to increase homebuilding.

The latest DCLG data shows that 217,350 new dwellings were created in 2016/17, up 15% annually but 2.8% below the pre-recession peak.

Craig Hall, New Build and Development Manager at Legal & General Mortgage Club, commented: “If anything, this commitment to build 300,000 new homes a year demonstrates the Government’s intent to tackle the housing crisis in the approaching Budget.
 
“However, the Chancellor needs to be forthcoming with a detailed plan of action to meet these targets on Wednesday, and it will need to be innovative. Not only does that mean providing clarity on measures such as Help to Buy, but also considering support for new ways of building the thousands of homes Britain needs. Brexit threatens to reduce the pool of skilled labourers available to build these properties, and the UK’s reliance on traditional methods of construction also runs the risk of slowing house-building down.
 
“As an industry – brokers, lenders and distributors - we all need to work together with Government to meet these targets, but Wednesday stands as a perfect opportunity for the Chancellor to address the missed opportunities of the past and set out a coherent plan of action to address our housing shortage once and for all.”