Newspaper article The Evening Standard (London, England)

Housebuilders Buoyed by PS5bn Fund for New Homes

Newspaper article The Evening Standard (London, England)

Housebuilders Buoyed by PS5bn Fund for New Homes

Article excerpt

Byline: Russell Lynch

THE Treasury's PS5 billion plans to boost housebuilding lifted shares in the UK's biggest players today amid hopes of tackling the UK's "chronic" housing shortage.

Housebuilding shares have been ravaged by the Brexit vote but Chancellor Philip Hammond and Business Secretary Sajid Javid have unveiled a PS2 billion fund to speed up building by using public land as well as a PS3 billion loan pot for the smaller housebuilders frozen out of the market by a lack of bank funding since the financial crisis.

The Government also plans to relax planning rules with a presumption in favour of residential development.

News of the extra stimulus as well as the likelihood of further Bank of England rate cuts lifted a host of quoted firms by up to 2% today. Barratt Developments rose 4.9p to 499.2p, Taylor Wimpey added 2.8p to 156.9p, and Bovis Homes cheered 11p to 886p.

Alan Brown, chief executive of the sector's biggest private player, Cala Homes, said: "This is very good news. …

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