Last week’s budget looks set to offer a welcomed boost to the construction industry. As of April 2013, anyone wanting to buy a new-build house can apply for a loan to supplement their deposit; and as of January 2014, this is extended to cover deposits on existing homes too. The combination of the two schemes looks set to boost all aspects of the homebuilding industry, from major contractors to subcontractors and trades people alike.
The one problem with this scheme is that the commitment has been made for a mere 3 years. If one were to draw a distinction between infrastructure and construction, one can’t help but feel the two are not enjoying the same levels of investment and dedication from the government.
Infrastructure schemes transcend changes in government; the timescales given to the likes of Crossrail and the High Speed Rail lines extend over decades and have equally substantial financial investment. On the other hand, construction projects are somewhat more fragmented and short-term. I wonder if this new scheme will join the scrapheap of other construction projects, dropped with the change of government, such as Building Schools for the Future…
The most recent scheme is a positive step, but the key issue is longevity; is this an artificial boost which will leave the sector back at square one by 2017? It is certainly a step in the right direction; please George can we have some more?
By Faye Middleton, Researcher