Urban Exposure CEO, Randeesh Sandhu, commenting on today’s Autumn Budget: Reports we’ve heard ahead of today’s Budget announcement are very encouraging. The Government at long last appears to be taking some serious steps towards alleviating the UK’s housing crisis by focusing on key supply issues that has held the sector back.
We have long been advocating for an increase in the amount of public land made available for housing to include a significant number of smaller sites which were suitable for SME developers. We have also been backers of a government scheme to offer guarantees to private sector financiers of SME’s developers, which could increase the leverage they are able to obtain, and thereby help them to use their capital more effectively on further site acquisition. So were delighted to hear these among the proposals that will be announced today.
But there are still policy areas which we haven’t heard any direct mention of, which we’d like to see the Chancellor address today. The role of financiers, especially non-bank lenders which have proliferated since the financial crisis, need to be recognised as a key part of the solution to the UK’s housing shortage. We hope there will be greater engagement from the public sector so that we can utilise our skills and resources to help boost the housing supply.
Today’s Budget will not build the homes the UK desperately needs overnight, but it looks like it will be a step in the right direction. The Government must now continue to listen to views from across the industry to deliver on its promise of seeing 300,000 new homes built every year.