'For this government to stay in power beyond the next election, it needs to promote housebuilding'

Mark White, managing director at Bargate Homes:

“Jeremy Hunt referred to solar panels, but without substance. Feed-in tariffs should have been reintroduced for homeowners with solar panels, to reward people for supplying renewable energy back to the grid. Tax breaks for investing in renewable energy generation and smart home technology would have delivered a clear message today, rather than see the Chancellor simply focus on nuclear power.

“With corporation tax rising from 19% to 25%, businesses now need the opportunity to make more profit to fund it. If housebuilders could build more homes, we could make more profit and tax revenue. However, the planning and environmental policy changes are achieving the total opposite. For this government to stay in power beyond the next election, it needs to promote housebuilding. It is such a huge and vital industry that supports the wider economy, and the lack of appropriate, sustainable, and affordable housing may become an increasingly divisive political issue.

“We took a look at our own numbers for January and February and found it alarming that only 8% of Bargate’s homes have been sold to first-time buyers over those two months. This is a 50% reduction in first-time buyer sales compared to those same two months in 2022. Meanwhile, rents are going up disproportionately to inflation, which is making it harder for people to save for a deposit, and yet, with the end of Help to Buy, mortgage deposit requirements are higher than they have been for well over a decade. It is very unhealthy for thousands of would be first-time buyers to drop out of the market. Help to Buy worked well and should be reintroduced."