Karl Hick, CEO of Lincolnshire housebuilder Larkfleet Homes, predicts that the new homes market in 2018 is set to benefit from the budget that was delivered towards the end of last year by Chancellor of the Exchequer Philip Hammond.
Writing on the social media site LinkedIn, he says: “Possibly the most important announcement was that most first-time buyers will not have to pay Stamp Duty. This will give a significant boost to the ability of young people to get onto the ‘housing ladder’ and thus help to stimulate the market overall.
“The tax changes and spending pledges in the budget aimed at boosting housebuilding and construction came alongside an announcement of the government’s industrial strategy which is also a significant move in the right direction.”
However, Karl writes that he remains deeply concerned about the impact of Brexit on the construction industry’s ability to recruit overseas labour to fuel future growth.
“Many EU nationals are leaving the UK and others are less willing to come. Without action to tackle this issue there must be doubts about the ability of the construction industry to meet the government’s target of building 300,000 new homes every year by the mid-2020s.”
Despite this uncertainty he believes that the immediate future for the housing market looks good as long as consumer confidence holds up.
Karl’s full article can be read here.