Financial Boosts: Re-building the Construction Sector

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Financial Boosts: Re-building the Construction Sector

It’s good news for the construction sector. Stats are showing that the financial support for housing and construction businesses, has led to a significant increase in the number of completed developments.

Due to the pandemic, there has been a high level of support across all aspects of the housing industry. There were not only schemes to benefit homeowners such as mortgage holidays, but also for builders and construction businesses.

The Ministry of Housing’s report shows that building commenced on 35,710 houses between July – September 2020, an increase of 111% when compared with the previous quarter. In the same period, 45,000 homes were completed, this is a 185% increase on the previous quarter.

These figures demonstrate the positive impact the financial support for the industry has had.

Housing Secretary Robert Jenrick MP said:

“The housing industry is key to our economic recovery, which is why we’re investing £12 billion in affordable housing, providing £400 million to build more homes on brownfield land, and investing £7.1 billion for a new National Home Building Fund over the next 4 years, unlocking up to 860,000 homes”.

Summary of support:

  • £20b of investment for new housing. £12b of this amount into affordable housing and £7.1b into the National Home Building Fund
  • Focus on boosts for SME builders
  • £400m Brownfield Fund distributed across 7 Combined Authorities, for 26,000 new homes on brownfield land
  • Temporary cut on Stamp Duty Land Tax for home buyers

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