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Posted: 17.12.13

Autumn statement spells good news for housebuilders

Autumn statement spells good news for housebuilders

George Osborne, the Chancellor of the Exchequer, has used his Autumn Statement to announce several policies that will boost the housebuilding sector, spelling good news for building specifiers.

Amongst the measures are changes to council rules in order to encourage them to build more homes on cheaper sites.  In order to support this, Osborne will raise the amount that councils can borrow for building projects by £300 million.

Councils – who have long lobbied for greater financial freedom – have reacted positively to the announcement, which will enable greater investment in social housing.

Another pot of cash of around £1billion is to be made available to developers to enable the completion of “stalled” projects, for example where the lack of a local road has halted development.

Osborne believes that the latter measure could means as many as 250,000 more private homes being built.