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|Comment regarding Autumn Statement from Jonathan Sealey, Hope Capital CEO|
|Wednesday, 23 November 2016|
Jonathan Sealey, Hope Capital CEO, says “The Chancellor’s commitment today to provide an extra £1.4bn to help deliver up to 40,000 new homes is of course welcome news. For an industry where supply continually outstrips demand, with a generation of first-time-buyers desperate to escape the rental sector, this is a step in the right direction.
“However, 40,000 homes is frankly a drop in the ocean when the target is to build one million by 2020. According to a recent survey we need to build 685 new homes every day to even meet the current shortfall of 915,000; with existing delivery rates at 475 per day. The plain fact is that with the best will in the world we are nowhere near our target. Perhaps rather than just pledging money to help, the government should be looking at the reasons why? We can but hope that the promised white paper will provide solutions to the age old question - how can we build more homes to meet demand?
“We all had high hopes that the Chancellor would tackle the one thing that many believe is killing the market; but disappointingly stamp duty was again conspicuous by its absence.”
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