Chancellor George Osbourne announced the 2014 Budget in Parliament yesterday and among it was some encouraging news for the housing market, with new housing supplies being a central theme.
Prior to the official announcement, the Chancellor had already revealed that the Government's Help to Buy scheme would be extended in 2020. This decision already guaranteed that housebuilders would be needed to work on additional sites, with a projected 120,000 people estimated to be looking to purchase a home. However with Britain still climbing out of its recession, care has been taken to ensure that the market doesn't bite off more than it can chew. The Bank of England has been commanded to stay wary of house prices, long with further reforms put forward to ensure the building of these new homes goes smoothly.
While the larger house building corporations have the finances to put forward new build projects, the same can't always be said for the small and medium enterprises (SMEs). Which is why the Government is creating a £500 million Builders Finance Fund, intended to help SMEs that struggle with bank lending. In doing so, it is forecast that 15,000 stalled plots will now go into motion again. In addition to this, there will also be a £150 million fun to kick start regenerating housing estates through repayable loans.
In addition to this, a "Right to Build" scheme has also been proposed, which will give assistance to those wishing to build their own homes by giving them a right to a plot from the local authorities. This scheme is also backed by a £150 million repayable fund to help provide 10,000 serviced plots for custom house builds. Finally the Government continued its committment to 'zero carbon homes' that was previously mentioned last year by planning to have them implemented from 2016. A response to last year's consultation about it is to follow soon.
So with even more confirmation that house building is going to become a big industry in the UK for the next few years, new construction workers are going to be more crucial than ever.If you've ever considered starting a new career as a bricklayer, plasterer, tiler or carpenter, there hasn't been a better time to join this exciting and expanding industry. But first you'll need the skills and qualifications required to become a professional, and that's where Access Training can help. Give us a call on 0800 345 7492 to find out more about our construction training courses, designed to give you professional level skills in the fraction of time you'd find elsewhere - without any of the quality lost!
£617.5 million is planned to be spent on transport and housing infrastructure construction, according to plans published by Welsh finance minister Jane Hutt.
The transport investments will include £40m for the dualling the A465 between Gilwern and Brynmawr, £40m spend on improving the M4 Brynglas tunnel and then £17m for improvements to the A55 in North Wales. £62m will also go toward the first phase of a new scene to create a South East Wales metro system through better bus and rail links.
Meanwhile a total of £170m will go toward housing, £140m of while will be used up until 2016 on the "Help to Buy" scheme. This is in addition to the £34.5m already invested in it during this current financial year.
Other investments included in the plans are £38m toward improving Welsh health facilities (including the final phase of the Noah' Ark Children's Hospital for Wales), £70m for home energy efficiency scheme ARBED ECO and £20m to support a programme of flood and coastal defence improvements.
Jane Hutt said: "Since 2010, the UK government has made significant cuts to our capital budget. By 2015-16 it will be 33% lower in real terms than in 2009-10.
"The tough economic conditions continue but I am determined to use every pound available to invest in infrastructure and boost economic growth in the long-term."
Via The Construction Index
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