Housebuilding funding welcomed by Lincolnshire homes developers

A Lincolnshire housing developer has welcomed the £1.8 billion set out in the Budget to boost housebuilding included in the Budget

David Newton, Managing Director of Chestnut Homes, has welcomed the measures announced in the Budget as demand for new homes in Lincolnshire continues to rise. EMN-210911-091217001

Chancellor Rishi Sunak announced a funding package to deliver 160,000 new homes on brownfield land, as well as £65 million to support the digitisation of the town planning system, and Chestnut Homes said the demand for homes in the county is as strong as ever.

The Chancellor’s Budget also outlined plans to provide £1.6 billion over three years to roll out new T-levels for 16 to 19-year-olds.

Surveying and planning for construction are among the subjects currently available with the qualification.

David Newton, Managing Director of Chestnut Homes, said the measures represented an acknowledgement by the Government of the need to significantly increase the number of new homes being delivered each year.

It comes at a time when rising property prices in Lincolnshire reflect a buoyant housing market in the county, with demand from buyers on the increase.

Latest figures on independent property website home.co.uk show that the average asking price for a property in Lincolnshire has increased from £248,727 in October 2020 to £275,337 in October 2021 – a rise of 11 per cent.

David said: “This rise is being driven by the increasing number of local people choosing to stay in the area as well as buyers from further afield, including London, being attracted to relocate by the rural charms of the county.

“This substantial year-on-year increase in the average asking price is indicative of the strength of the housing market in Lincolnshire. These prices are responding to the rising demand we are experiencing at our developments in the county.

“These figures also highlight the need to meet the rising demand for new homes – both here in Lincolnshire and across the country. That’s why it is encouraging to see the Chancellor place such an emphasis on housebuilding in his Budget.

“Making it easier to build on brownfield sites and improving the efficiency of the planning system will help to speed up the delivery of new homes, while additional support for T-levels will go some way to addressing the skills shortage that the industry is facing.”

Chestnut Homes is currently building new homes in Boston, Alford, Coningsby and Dunholme. For more information, visit chestnuthomes.co.uk.