Oxford housebuilder calls for government action on housing affordability

October 31, 2024

Pye Homes, a leading housebuilder in Oxfordshire, expressed concerns over the recent Budget announcement, calling for greater governmental measures to support housing affordability and homeownership. Roger File, Managing Director of Real Estate at Blenheim Estate Homes, voiced disappointment at the lack of substantial initiatives aimed at stimulating housing delivery and supporting both first-time buyers and home movers.

File remarked that many in the housing sector had anticipated significant steps to foster homeownership. “In her first Budget statement, we were looking to the Chancellor to announce measures and policies to act as catalysts to continue to drive housing delivery,” he said. However, the government’s decision not to freeze stamp duty thresholds was met with particular frustration. File noted that a freeze “would have supported both first-time buyers and those selling their home and moving to a new property.”

Beyond stamp duty, File highlighted the broader issue of affordability pressures. “It is frustrating that more tangible support wasn’t discussed to increase routes to homeownership and reduce affordability pressures, particularly for helping first-time buyers onto the property ladder,” he added. The lack of targeted initiatives leaves first-time buyers at a disadvantage and risks stagnating market momentum, which is crucial for the sector.

File acknowledged some positive aspects in the Budget, such as the clearer stance on policies that may impact landlords and second-home buyers, but emphasised that there is still a wait for “small print details” to understand how the proposed changes would practically support affordable housing and housing-related infrastructure. The announcement of increased government investment in household plans was welcomed cautiously, with File noting that “after much uncertainty in the market, at least a clearer view on some of the policies is now present.”

Echoing the concerns of many UK housebuilders, Pye Homes expressed a desire to see policies that empower the industry to meet the nation’s housing needs. “We were also hoping the announcement would cover further assistance or policies to allow housebuilders to get on and build the targeted number of homes so that we can meet the needs of the UK population,” File concluded.

With ongoing concerns about affordability and accessibility in the housing market, Pye Homes and others in the industry remain focused on seeing how the government’s commitments unfold in practical terms.

Read more news and exclusive features in our latest issue here.