UK
Ireland
Scotland
London
Construction News
25/03/2010
Stamp Duty Reform Will Help Building Industry
Alistair Darling's scrapping of Stamp Duty up to £250,000 for first-time buyers (FTBs) is a huge boost to the housing market, Home Builders' Federation (HBF) said today.
Raising the threshold to £250,000 is something HBF has been demanding for over two years. It will help beleaguered First Time Buyers' (FTBs) struggling to save the large deposits currently being demanded by lenders.
Stewart Baseley, Executive Chairman of the HBF, said: "This Budget is a huge boost to both home buyers and the house building industry. I am pleased the Government has recognised the importance of ensuring that people are able to buy homes."
The Stamp Duty announcement formed part of a package of measures welcomed by the house building industry. Requirements for Local Authorities to identify an adequate supply of developable land and proposals to reduce the regulatory costs placed on housing development are vital if the country is to build its way out of the housing crisis identified by HBF just last week as approaching a shortfall of a million homes. HBF has been demanding such action for years.
The Federation of Master Builders (FMB) also welcomed the announcement, however it said the chancellor has failed to address the acute shortage of mortgage finance.
Richard Diment, Director General of the FMB said: "Helping first time buyers get on the property ladder is an important step but most people will still struggle to get the funding they need to secure a mortgage despite the Chancellors promise of further lending from state owned banks. The Chancellor could also have taken the opportunity to reform the stamp duty to abolish the slab structure and replace it with a fairer marginal system similar to income tax."
Mr Diment added: "It is disappointing that there wasn’t more emphasis on apprenticeships as these hold the key to prevent a future skills crisis in the building industry. In fact, there is no mention of apprenticeships in the entire Financial Statement and Budget Report, but rather vague commitments to support youth employment. Any investment in key skills must include creating more apprenticeships as they are the key to securing the UK's competitive future."
(CD/GK)
Raising the threshold to £250,000 is something HBF has been demanding for over two years. It will help beleaguered First Time Buyers' (FTBs) struggling to save the large deposits currently being demanded by lenders.
Stewart Baseley, Executive Chairman of the HBF, said: "This Budget is a huge boost to both home buyers and the house building industry. I am pleased the Government has recognised the importance of ensuring that people are able to buy homes."
The Stamp Duty announcement formed part of a package of measures welcomed by the house building industry. Requirements for Local Authorities to identify an adequate supply of developable land and proposals to reduce the regulatory costs placed on housing development are vital if the country is to build its way out of the housing crisis identified by HBF just last week as approaching a shortfall of a million homes. HBF has been demanding such action for years.
-- Advertisement --
The Federation of Master Builders (FMB) also welcomed the announcement, however it said the chancellor has failed to address the acute shortage of mortgage finance.
Richard Diment, Director General of the FMB said: "Helping first time buyers get on the property ladder is an important step but most people will still struggle to get the funding they need to secure a mortgage despite the Chancellors promise of further lending from state owned banks. The Chancellor could also have taken the opportunity to reform the stamp duty to abolish the slab structure and replace it with a fairer marginal system similar to income tax."
Mr Diment added: "It is disappointing that there wasn’t more emphasis on apprenticeships as these hold the key to prevent a future skills crisis in the building industry. In fact, there is no mention of apprenticeships in the entire Financial Statement and Budget Report, but rather vague commitments to support youth employment. Any investment in key skills must include creating more apprenticeships as they are the key to securing the UK's competitive future."
(CD/GK)
Latest Construction News
29/01/2025
Caddick Construction has been awarded a £43 million contract to deliver the first phase of Cole Waterhouse's flagship regeneration scheme in Digbeth, Birmingham.
The project, known as Upper Trinity Street, marks a significant step in the area’s transformation.
Spanning 182,986 square feet, the re
29/01/2025
McLaren Construction has been appointed by O&H Properties to deliver the first phase of a £60 million Foster & Partners-designed development at the corner of New Bond Street and Grafton Street in London’s West End.
The seven-storey, 5,400 square metre prime retail and office scheme will feature ret
29/01/2025
GMI Construction Group has been awarded a contract to develop three high-specification warehouse units totalling over 175,000 square feet at Precedent Drive, Milton Keynes.
The £20 million project, commissioned by DV5 Last Mile Developments (UK) Ltd, a joint venture between Coltham and Delancey Re
29/01/2025
Plans for 106 sustainable new homes in Southville, a neighbourhood in South Bristol, have been approved as the city seeks to increase housing delivery to address growing demand.
Top 10 award-winning housebuilder The Hill Group will create a £60 million development on Raleigh Road, on land that was
29/01/2025
Bouygues UK has reached a major milestone in the fourth phase of the Hallsville Quarter regeneration project in Canning Town, London.
The project, part of the £3.7 billion Canning Town and Custom House Regeneration Programme, recently held a topping out ceremony, marking the completion of the 11-s
29/01/2025
Willmott Dixon Interiors is carrying out a significant upgrade to the roof of the National Maritime Museum in Greenwich, one of London's most iconic cultural landmarks.
As part of the £12 million project, the company is installing over 23,000 square feet of sun-protected glazing above the museum’s
29/01/2025
Equans has been appointed by Babergh and Mid Suffolk District Councils to carry out crucial decarbonisation work across the councils' housing stock, using funding secured through the Social Housing Decarbonisation Fund (SHDF).
The councils used the South East Consortium's Zero Carbon Framework to s
29/01/2025
In the world of construction, the quest for energy efficiency and sustainability is ever-evolving. Among the array of solutions available, EPS (Expanded Polystyrene) insulation stands out as a versatile and effective option for enhancing the thermal performance of buildings, particularly when used f
29/01/2025
BCP Council has completed significant coastal protection works at Hamworthy Park, ensuring its resilience against erosion for the next 20 years.
A 200-metre stretch of sea wall along the eastern promenade has been reinforced using low-carbon concrete, while new steps have been constructed to improv
29/01/2025
Geo-environmental consultancy and remediation contractor, The LK Group, has strengthened its team with a trio of recruits.
The multidisciplinary company's latest raft of hires comprises a new director, associate director and remediation manager.
The geo-environmental specialist, headquartered i
