The Autumn Budget statement was delivered yesterday, promising hundreds of thousands of new homes each year, as well as a boost to construction.
In his much-anticipated statement to Parliament, the Chancellor of the Exchequer reiterated the promise he made over the weekend to build 300,000 new homes each year, to meet demand and alleviate the existing housing crisis.
To support the construction of housing over the next five years, the government has promised £15.3 billion of additional financial support, which takes the total to £44 billion.
Of this £44 billion, there is £1.2 billion so that the government can buy land to build homes that are needed, while £2.7 billion will be used to put the infrastructure in place to support housing.
In order to facilitate this level of construction, the Chancellor is aware that the SME housebuilding sector needs to be supported, which is something the Federation of Small Businesses (FSB) called for prior to the Budget.
In addition, Mr Hammond said that if the next generation of construction professionals are not trained “we may generate planning permissions but we will not turn them into homes.”
So as well as setting out the £44 billion of capital funding to boost the housing market, as well as skills and resources needed to deliver the 300,000 net additional homes each year, there is new money for the Home Builders Fund “to get SME housebuilders building again.”
The Chancellor set about tackling the need for construction employees by providing an additional £34 million which will go to developing construction skills throughout the country.
This will be alongside £30 million that will provide digital courses using AI, with all funding in advance of the National Retraining Scheme which will be launched to give people new skills.
The skills shortage in construction has often been talked about, with the CITB Levy and its ability to train professionals of the future coming under scrutiny in recent months. The Budget seeks to help with finding the professionals of tomorrow.