Will The 2017 Autumn Budget Help The Construction Industry?

Following Chancellor Philip Hammond's new budget, the construction industry is speculating on how its announcements could affect jobs and opportunities here in Britain. The budget gives insight into the government's vision of Britain for the coming years, as well as their predictions for the economy.

Following a few tough years for the construction industry, we waited with baited breath to hear the plans, and it looks like it may be good news. Here is a closer look at how the some of the announcements from the budget will help the construction industry:

Help for first-time buyers

The abolition of stamp duty is great news for first-time buyers buying a property that is worth less than £500,000. This means that first-time buyers will save an average of £1,660 when purchasing homes between £300,000 and £500,000.

This is sure to encourage more people to buy property, as 80% of people buying their first home will now not have to pay the highly-criticised stamp duty that buyers were previously subjected to.

The need for new homes

The government is aiming to build 300,000 new homes a year - numbers that have not been seen since 1970. With the decision to buy new land for the purpose of creating more homes, there will be far more opportunity for those trying to purchase a property.

The government will also create 5 new 'garden towns'.

How will this affect the construction industry?

Where there are new homes, there are new jobs for construction workers. With Britain looking to expand its homebuilding industry, there has never been a better time to learn a trade. The ongoing UK skills shortage has given carpenters, plasterers, tilers and various other tradespeople the opportunity to find plenty of work for decent pay.

The 2017 Autumn Budget is encouraging when considering the job opportunities for those in the construction industry. Hopefully, it will also encourage more people to learn a trade skill which will, in turn, help the skills shortage.

If you would like to take advantage of the skills shortage and join this growing industry, you should look at the trade training courses we offer here at Access Training. We help get you qualified and working in the shortest possible timeframe. Go to our homepage to see what we offer, or contact us today to discuss your options.