There is good news for the housing sector in today's spring statement. Philip Hammond has repeated the Government's desire to "fix the broken housing market" and has provided tangible support - the Government is to guarantee up to £3bn of borrowing by housing associations in England to support the delivery of around 30,000 new homes.
Further details about this "Affordable Homes Guarantee Scheme" are currently thin on the ground, and a consultation process is likely to follow in order to determine the structure and timescales. But it is news that will be welcomed in the sector, particularly as it signals a move away from support at the demand end of the market (e.g. Help to Buy), which has arguably led to an increase in house prices.
We will be watching developments on this carefully and will provide further updates when more is known but please do contact us with any questions in the meantime.
new £3bn Affordable Homes Guarantee scheme is revealed