So far this year the government has spoken about finding ways to combat the increasing problem of a generation unable to join the housing ladder. I hope that these words are a sign that it has recognised the importance of the home as a measure of financial security, as well as its impact on the personal lives of the nation.
The budget, however, has added few further details to the plans already laid out and left some key questions still unanswered.
George Osborne, the chancellor, did confirm the allocation of an extra £150m to the Get Britain Building fund, which provides commercial loans and equity stakes in new housing developments that have stalled for financial reasons. This is undoubtedly a step in the right direction for the industry and the country as the demand grows for decent and affordable accommodation while times remain extremely tough for developers.
I also welcome announcements on the NewBuy Scheme, an initiative expected to help 100,000 people make the first step on the property ladder. This scheme is one I am keen to see progressed; as a sector we already know the benefit of helping first-time buyers with their mortgages. For those wanting but unable to buy their first home it is this sort of financial assistance that really makes a difference.
But the reawakening of the right-to-buy policy raises more questions than it answers. With council housing waiting lists running into millions of households, selling off the UK's housing stock could disadvantage those whose need is greatest. There are questions over the fundamental economics of the scheme, which is set to provide up to £75,000 discount to tenants looking to acquire their properties.
I also fear a big hole remains in regeneration funding to kick-start the job market as well as the development of new homes. As a sector we are doing our best to address this, but it's a hard road to travel – especially in areas where infrastructure is required.
So while budget 2012 has left questions unanswered, we must continue to make the case to government that housing can be a real engine for growth in the wider economy.
Peter Quinn is business development director for Lovell
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