'No one expected the chancellor to announce a silver bullet'

James Dickens, managing director at Wavensmere Homes:

“With mandatory housing targets scrapped, there is a significant reduction in the number of affordable homes coming onto the market. Above-inflation rises in the cost of raw materials, and additional new costs facing housebuilders for environmental mitigation – which would be more appropriately directed at those using fertilisers – are also negatively affecting the supply of lower-cost new homes.

“With the recent conclusion of Help to Buy, the only help first time buyers have is the current Stamp Duty exemption for homes valued up to £425,000. But with less homes being built, there has been a marked impact on the rental market.

“For every home available to rent, there can be as many as seven people vying to occupy it. It is no surprise we have therefore seen rent hikes of 24% for soon to be completed homes at our Belgrave Village scheme in central Birmingham, and similar increases of 22% at Nightingale Quarter in Derby City Centre, where the final phases of the £165m scheme are being matched with buyers.

“With the continued rise in the cost of living, hardworking people are more trapped than ever as renters, because mortgage deposit payments are so hard to save for.

“While no one expected the Chancellor to announce a silver bullet, the fragility of the UK’s economy has not been sufficiently boosted by today’s Budget.”