Shojin slams “lacklustre” Autumn Statement
Shojin has welcomed new government support for the housing sector but chief executive Jatin Ondhia has criticised the Autumn Statement for being “lacklustre” overall.
Earlier this week, Chancellor Jeremy Hunt used his Autumn Statement to announce a series of new fiscal measures designed to boost the economy after a prolonged period of stagnation.
Shojin noted that housebuilding was the largest area for funding announcements with several new schemes aimed at getting Britain building.
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These include £32m to help resolve the planning backlog – a move welcomed by small- and medium-sized housebuilders who have struggled with delayed planning permissions in recent years. A further £450m will be allocated to local authority housing funds to deliver 2,400 new homes.
£110m was earmarked for nutrient mitigation schemes, which will require new residential developments to offset the new nutrient load created from additional wastewater.
The government has also launched a consultation into rights to allow any house to be converted into two flats, provided the exterior remains unaffected.
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However, Ondhia believes that the newly-announced measures do not go far enough to support the property sector and encourage more housebuilding.
“Housing could not be overlooked in this statement, not after Labour had made such a point of championing house-building as a key part of its pre-election campaign,” said Ondhia.
“Hunt struck some positive notes, such as plans to make it easier for councils to fast-track applications for infrastructure projects, and potentially making it easier for houses to be converted into flats.
“But overall, this was a lacklustre statement for the property sector, with little of substance to excite those building, buying and investing in UK real estate.”
He added that the UK requires “quality new housing stock, and the only way to serious address the issue is to make it easier to fund and support developers.”
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