Hammond targets housebuilding

Chancellor Philip Hammond has said the UK needs to build 300,000 new homes per year – but warned that this week’s Budget will not “throw money” at the problem.

Speaking on the BBC’s Andrew Marr show on Sunday, Hammond pointed to a number of measures that the government is doing in the planning sphere to help unblock the housebuilding process.

“We have got to be sustainably delivering around 300,000 homes a year on average across the housing cycle,” he said. “That’s a big step up from where we are now.”

However, when pressed on whether the Budget would look to provide new investment to support this aim, he added:  “There is no single magic bullet and it’s certainly not just about pouring money in, because if you pour money in without fixing the other elements of supply, you will simply cause more house price inflation.”

Hammond also reiterated his commitment to protecting the green belt, suggesting new homes will come on existing sites in many parts of the country.