I was interested to read the speech by John Cridland, Director General, CBI (Confederation of British Industry), calling on the Chancellor to make the housing market the central plank of this month’s budget. The CBI are calling for a 50,000 new affordable houses to be built, incentives for refurbishing empty homes, the housing guarantee scheme to be extended to all types of housing and, perhaps most controversially, the new buy scheme being extended to allow second time buyers struggling to get on the next rung of the property ladder.
I am delighted that the CBI are calling for more action in relation to the housing market although I am not sure that extending the new buy scheme is the best way to do it. The new buy scheme solely focuses on new build houses. I would welcome a plan to assist first time buyers buying any type of property as I think this would lead to a more sustainable improvement in the housing market. Whatever happens I hope that the Chancellor uses his budget to actively encourage and support the housing market leading to huge benefits for the economy as a whole.
I look forward to reporting on the budget in due course.Lindsay Darroch Partner – Head of Property