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Spending on new homes and quickening the pace of new builds is top priority

Chancellor Philip Hammond says spending on new homes and transport will be his priority rather than tackling the deficit which will need to be tackled “in due course”.

As part of

  • a new plan for the new circumstances Britain faces

after the Brexit vote, there will be greater scope for investment to boost the economy, including extra borrowing of £2bn to speed up the construction of new homes.

Mr Hammond’s comments back latest reports from Nationwide who are urging housebuilders to speed up the construction of new homes.

Nationwide’s chief economist, Robert Gardner, said

  • The number of new homes built in England has picked up, but is still not enough to keep up with the expected increase in the population.  In the four quarters to Q2 2016, 139,000 new houses were completed, 30% higher than the low point seen in 2010.  However, this is still around 15% below the average rate of building in the five years before the financial crisis and 38% below the 225,000 new households projected to form each year over the coming decade.

Mr Gardner said that not enough new homes were being built in London and its suburbs in particular.

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