Spring Budget 2024: Chancellor holds firm on “one million homes” pledge

Speaking today before Parliament in today’s Spring Budget, Chancellor Jeremy Hunt has held firm upon the Conservative Government’s pledge to deliver over one million homes over the course of the current Parliament.

Vowing to level up opportunities across the generations, Hunt said that the current Government was committed to “building houses for more young people.”

According to Hunt, last week the Levelling Up Secretary allocated over £188m to support projects in Sheffield, Blackpool and Liverpool.

Building upon this, the Chancellor announced the allocation of £242m of investments in Barking and Canary Wharf, which will build over 8,000 new houses, and “transform Canary Wharf into a new hub.”

The Chancellor also launched a new £20m community led housing scheme, supporting local communities to deliver the development they “want and need.”

Steve Larkin, head of development finance at LendInvest, said: “It’s encouraging to see the government’s commitment to ‘levelling up’ with substantial funds allocated to Canary Wharf and Barking.

“That said, it’s imperative that SMEs are not overshadowed by major national house builders here. SMEs play a crucial role in supporting the UK’s housing supply issue, driving local employment and contributing to community development in Sheffield, Blackpool and Liverpool too.

“Their involvement would ensure a more comprehensive urban evolution, reflecting the true spirit of ‘levelling up’. Let’s ensure that the path of progress allows room for all, fostering an environment where innovation, community, and growth go hand in hand.”