In the recent Autumn Budget Chancellor Phillip Hammond, announced many plans that the government have with regards to the construction and housebuilding industry.
The government has recognised the housing crisis across the UK and have plans to build 300,000 extra homes a year. They aim to do this by speeding up the process for planning permission and helping small building firms by guaranteeing them loans and making smaller sites available to them. They also plan on assisting in getting more brownfield and contaminated sites ready for use.
The Chancellor also reported that stamp duty will be removed for all first time buyers on houses worth up to £300k. However for those buying in London stamp duty will be removed on the first £300k of a home worth up £500k.
Additionally Phillip Hammond said that five new garden towns will be built by 2050 leading to an extra 1 million homes.
In order to make these plans happen the budget outlined the following:
- £15.3 billion will be invested in housebuilding over the next 5 years.
- £34 million will be invested to scale up innovative models.
- An investment of £170 million will be made to the Industrial Strategy Challenge Fund.
- £5 billion will go to the Housing Infrastructure Fund which is double what it has been previously.
The skills shortage was also touched upon with the Chancellor announcing the £204 million of funding would be allocated for invocation and skills including training to build new homes.
With the government planning all of this building work it is important that you have the best construction accounting software. At Eque2 we offer a solution for all business sizes that will ensure your projects remain within budget and are delivered on time.
It is also vital that you have the best software to help with your housebuilding projects. Our housebuilding software will help with land appraisals, the build, sales and customer aftercare. Therefore the whole project life cycle is covered giving you and your staff transparency and confidence.