The Chancellor, Rachel Reeves has now presented the new Government’s first, much anticipated Autumn Budget in the House of Commons.

In recent months lower borrowing rates have brought renewed optimism to the housing market and house prices are now rising again.

However, given the current state of public finances, the Government has needed to deliver on their promise of tax rises to fulfil the previous Government’s pipeline of increases and stick to the Labour Manifesto, as well as an attempt to balance the books.

Many predicted that this may dampen the enthusiasm of investors, and that development activities would continue to stagnate leading to the widening of the gap between housing demand and supply.

The team here at Red Loft takes a more positive view of the Government’s fresh approach and applauds the continuing target to build 1.5m new homes.

Following these budget announcements, we welcome the strategic shift in Grant funding for affordable homes, with an additional £500 million to the Affordable Homes Programme to invest in innovative housing strategies and the commitment to addressing the most critical areas of need. Together with the £1 billion Building Safety Fund, the 5 year rent settlement with consultation pending about a 10 year settlement we believe the foundations are there for a stronger commitment to affordable housing going forward.

Founding Partner at Red Loft, Danny Sutcliffe said:

“There are challenging times for us all ahead, with a Government target of building 1.5 million new homes, and housing associations and Councils struggling to maintain their existing stock due to ongoing fire and safety concerns. Very careful planning and budget management is needed to increase the supply of homes of all tenures and maintain existing properties to healthy, safe and sustainable standards.

This boost to the current Affordable Homes Programme, alongside reduced discounts under the Right-to-Buy programme, will restore developer confidence and support housing associations and Councils to meet the needs of their communities in the near future.

The long-term Affordable Homes Programme, and Social Housing Investment fund for social rent and shared ownership, will facilitate effective planning for large scale home building and infrastructure which will create new communities and improve the economic prospects and social mission for the UK.”

If you are looking to take advantage of these new funding opportunities and drive meaningful change in the housing sector, Red Loft can help. We offer an extensive range of services to accelerate housing delivery, including:

Business case planning
Capacity studies & financial viability modelling
Scheme design optimisation
Sales and marketing feasibility reports and research
Delivery options: JVs, partnerships, options
Grant funding support: GLA, Homes England
Building safety and retrofit funding bid support (Brownfield sites)