The highlights of George Osborne's upcoming announcement, such as raising £10bn in funds by increasing tax on pensions and large properties and introducing benefit cuts are causing much speculation.
The chancellor's move seems likely to target middle and upper class earners. The Autumn Statement announcement next week is expected to tackle his new plans for taxation and is likely to include hitting pensions and owners of large properties through a prospective "mansion" tax.
But it is still not clear what will be done to increase the supply of new houses in the country?
The Home Builders Federation is hoping to hear in the Autumn Statement about major initiatives to tackle the increasing need for new homes, thus creating more jobs to boost the economy.
There is a desperate shortage in new housing in the UK and the house building industry hopes new reports on this will prompt the government to prioritize the property crisis and look to jump start the economy. However to date various government schemes have failed to kick start the house building industry as the development of new properties remained at its lowest, down 12% on last year.
Economic growth is crucial for the country and despite the recession and stagnant property market, UK GDP figures show the housing supply still accounts for 3% even in the ongoing economic crisis.
Therefore, the Autumn Statement is a great chance for the Treasury to fine-tune the measures already in place and further expand them for better results. The Home Builders Federation is also hoping to see more affordable NewBuy mortgages, allowing first time buyers to get on the property ladder, less stringent borrowing conditions, less red tape for planning applications and very importantly for the 'Get Britain Building' programme to be expanded, opening up opportunities for mothballed housing sites.
Chairman of House Builders Federation (HBF), Stewart Baseley, stated that this is a significant opportunity for the government to commit again to increasing the supply of new homes and boosting the economy. Drastic measures already introduced were not enough to resolve the problems in home building, and that a more radical approach is needed to bring in change and get the property market moving again.
Aside from creating homes, an increase in house building will introduce thousands of jobs in areas around the UK. There would be a knock on effct on other industries such as estate agencies, removal companies, furniture suppliers, carpet makers and fitters. The list goes on.
For more news on the UK property market visit the What House website - read the articles, few properties for sale and get free advice on mortgages and moving house.
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