Housing market cash injection a ‘welcome move’

A residential property law expert said housing measures announced in Wednesday’s Autumn Statement are exactly what the housing market needs.

Chancellor Philip Hammond announced a £2.3bn housing infrastructure fund to help provide 100,000 new homes in high-demand areas and a £1.4bn cash injection for 40,000 extra affordable homes.

He also announced a ban on letting fees, in a move to stop people who rent having to pay questionable administration costs.

Michael Foxford, partner at law firm Birchall Blackburn Law, said: “There is no doubt about it, at the moment, there aren’t enough houses being built, which impacts those who want to make their first step on to the ladder – and doing that at current prices is a difficult step to make – so the news of building more housing and affordable housing can only be seen as good news.

“Of course, time will tell how much of a difference this will make to the market – 140,000 new houses are not going to appear overnight, but it certainly feels like a step in the right direction and I’d be keen to see what else the government can do to help the market. More still needs to be done.

“The Chancellor spoke about helping those who are only just managing. This will be a welcome relief to people saving hard to realise their dream of owning their own home.”

Birchall Blackburn Law has offices in Manchester, Preston, Southport, Chester, Chorley, Leyland and Morecambe.