In his Spring Statement, UK Chancellor Philip Hammond announced that the ‘housing growth partnership’, which provides financial support for smaller-scale housebuilders, will more than double to £220 million.
The news came amid a statement with modest ambitions, but with the main theme of assuring markets that the UK economy is improving gradually, despite forecasts for growth at or below 1.5 per cent for the coming three years.
Another housing announcement was for 215,000 new homes to be built in the West Midlands, with the help of a £100 million land remediation fund, as the region strives to regenerate areas that were blighted by heavy industry.
Further regeneration across the country could emerge from the £840 million allocated late in 2017 to relieve congestion on British roads, as land that becomes available and accessible through this process could be redeveloped for housing.
In the construction industry, a £29 million fund to address the skills gap among UK workers was applauded by Karen Jones at building firm Redrow. “The skills gap remains one of the biggest issues affecting the UK,” she said. “It is important to upskill the UK’s labour pool with the necessary tools it needs to grow and prosper.”
