The LPDF has welcomed the mortgage guarantee scheme and the extension of the Stamp Duty holiday announced in today’s Budget.
However, it said much more needs to be done to boost housing supply, ensuring the delivery of 300,000 new homes a year, if Generation Rent is going to become Generation Buy.
LPDF chairman Paul Brocklehurst has urged the Chancellor to scrap Stamp Duty on all family homes to boost the housing market, help young first-time buyers, and encourage downsizers to move. It has also called on the Government to take urgent action to help the housing sector lead the country out of recession and deliver the 300,000 new homes each year.
“While we welcome the extension of the Stamp Duty holiday and the introduction of a mortgage guarantee scheme, which will support demand for housing and make it easier to buy a house, the problem remains that there are not enough new homes being built.
“It is clear that we need to build more houses. The social and economic consequences of the housing crisis are holding back our economy and we need to do more to unlock supply. We hold out hope that the Government will do more to boost the supply in the short to medium term by ensuring that Local Plans are brought forward and that the NPPF is amended through the latest consultation process to ensure that the delivery of housing is boosted” said Paul.
The LPDF, whose members include land promoters, major house builders, planners and leading law firms, is working with the Government, local authorities and communities to enhance the planning process, and help deliver the new homes the UK needs.