Trade Association News

In reaction to the Budget announcements, Imtiaz Farookhi, chief executive of NHBC, said: “Even before the current downturn the number of new homes was insufficient to meet both demand and government targets, and despite recent encouraging signs of recovery – 9,556 homes were registered with NHBC during February 2010, compared with 5,526 in February 2009 – build levels are still at least 40% lower than during the market peak.

“The package of measures announced will help the market and the industry, but nobody should underestimate the challenge in providing the nation with the number of new homes it requires. One major concern across the industry is regulation, especially in the planning system – so the measures announced to reduce those regulatory burdens will be welcomed by many.

“However, efforts in meeting demand will be wasted without positive initiatives to help people buy. Therefore, it is also good to see the government announce tangible measures to help the housing industry back onto its feet, with reforms to stamp duty making owning a home more accessible to first time buyers.”

www.nhbc.co.uk