Chancellor must seize opportunity to create jobs and reverse record drop in output HBF today outlined to Government the action that must be taken in this month’s Budget to boost house building, so vital to the country’s social and economic future. It believes measures are needed to kick-start mothballed sites – and so immediately creating jobs - maintain affordable housing supply and assist buyers. With house building likely to fall to record low levels this year, HBF is demanding this urgent action to protect industry capacity – vital for future housing provision. Increasing output would boost the economy, create jobs and result in better local infrastructure across the country while mitigating the cumulative under-supply of housing that is currently growing worse by the day. Measures called for include: Swift implementation of a Government guarantee of mortgage backed securities to address the collapse of mortgage availability for borrowers – the key barrier to a recovery in the housing market Additional public money to be used to ‘gap fund’ ready to go sites currently not able to start work because of the economic crisis Provision of more money for shared equity schemes (such as HomeBuy Direct) to assist beleaguered first time buyers, who have all but disappeared from the market Extension of the temporary stamp duty holiday and lifting of the threshold to £250,000 Allowing housing investment in SIPPS Create a framework to enable a more robust private rental market to flourish Speaking today, Stewart Baseley, Executive Chairman of the HBF said; “The benefits of boosting housing supply are quite clear in terms of the impact it would have on jobs and the wider economy. Similarly the dangers, both social and fiscal of not doing so are painfully apparent for today and the future. We need the Government to be brave and implement a range of fiscal measures in the Budget to nurture the fragile early signs of an upturn reported in recent weeks.” - Ends - Related documents View HBF 2009 Budget submission Notes to Editors: 1. The Home Builders Federation (HBF) is the principal representative body for private sector home builders and voice of the home building industry in England and Wales. The HBF's 300 member firms account for some 80% of all new homes built in England and Wales in any one year, and include companies of all sizes, ranging from multi-national, household names through regionally based businesses to small local companies: www.hbf.co.uk For media enquiries, or to arrange an interview, please contact Steve Turner 020 7960 1606 07919 307 760 steve.turner@hbf.co.uk
