Today’s Budget has focused on the post-Covid era, with little in it affecting the housing market.
Rishi Sunak did announce that the government is to invest £11.5 billion in building 180,000 new affordable homes on brownfield sites.
There will also be a levy on developers with profits of more than £25m, worth 4%, to help fund a £5bn fund to remove unsafe cladding.
There was nothing in his speech about stamp duty reform, which a number of mortgage market figures had been falling for.
Steve Seal, CEO of Bluestone Mortgages, said: “The Chancellor’s commitment to investing in the housing market is welcome news for all, however it needs to be backed by a realistic and credible plan to deliver on the critical need for housing.
“Further government investment to build affordable homes will support the younger generation and low income families locked in rental cycles to take their first steps onto the property ladder, while the £5bn fund to remove unsafe cladding will help prevent homeowners from becoming property prisoners. But, speed is of the essence, and we must see the government deliver on these promises quickly.”
