'Choosing to Build'

Chancellor pledges £44 bn for housing market

In his Autumn statement today the Chancellor of the Exchequer, the Rt Hon Mr Philip Hammond MP, announced spending committments aimed at increasing the UK's housing stock, regenerating run-down areas and improving skills. 

A funding committment of £44bn of taxpayers' money over the next five years has been made to boost training, land supply and house supply, which will lead to the biggest
increase in house building since 1970. 

He claimed that the government needs to do more to 'support the growth of the SME housebuilding sector' to avoid dependence on the dominant national housebuilders. For this, £630 million has been set aside for small sites on which it is hoped 40,000 homes will be built. 

£400m has also been set aside for council estate regeneration, with £28m pledged for improvement of the area surrounding the ruined Grenfell Tower in west London. 

A Review to examine the gap between planning permissions and housing starts was also announced, as were five new 'garden towns' in various locations across the country.

CIAT’s Vice President Technical, Kevin Crawford said:  'We welcome the introduction of new measures but we must ensure that consideration is given to a sustainable production of new housing using new and existing methods and maintaining standards.'

For the Chancellor's full speech, please click here.