Sheetal Smith, Sales and Marketing Director, Pennyfarthing Homes:

“We strongly support Rachel Reeves' housebuilding target; however, it's important to note that many of these homes will not be deemed 'affordable'.  There is still a significant need for government intervention to help first-time buyers. Unfortunately, the Spring Statement has not addressed this issue.  Despite the opportunity to extend stamp duty relief, Reeves has made it harder – not easier – for first-time buyers to get on the property ladder, ultimately hindering the housing sales cycle.

“The additional £2bn funding for Affordable Homes Providers announced yesterday is the crucial support we need.  From our experience, we know that smaller sites are often not appealing to providers.  Without them, we frequently face delays in planning approval, which only adds to the frustration of stalled housing delivery.”

ENDS