The Chancellor’s Autumn Statement calls for more homes which can only mean one thing… more land requirements. Enter Future Land.
Last week saw the Chancellor deliver his Autumn Statement which detailed increases to housing budget and land requirements. Osborne stated that 15 years ago 60% of people under 35 owned their own home, next year this percentage is set to be roughly half of this figure. In an attempt to rectify this situation the Chancellor has set out plans to double the housing budget to over £2billion per year, and create 400,000 affordable new homes by the end of the decade – not just to rent, but to buy. In order to make this (the biggest house building programme by any government since 1970) possible, Osborne stated plans to release public land suitable for 160,000 homes. He will also be re-designing unused commercial land in replacement for starter homes. Alongside this, Osborne stated the government will extend loans for small builders and re-generate more run-down estates, “for we are the builders,” he said as he addressed parliament last Wednesday.
House builders will have increased demand to produce housing stock in the coming years and we’re already working hard to accommodate their growing need for suitable land.