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The budget offers an extra boost to the construction sector after a rapid year of growth

In the last twelve months the construction industry has seen unprecedented growth rising at its fastest pace since 2007, the Reed Job Index has also reported the number of new jobs available in Construction and Property has risen by 81% in the same period. The budget announced this month reflects the confidence in the market and promises to offer benefits for companies across the construction, infrastructure and property sectors.

Market trends analyst ‘Markit’ attributes much of the recent growth in the sector to an increase in house building which has expanded at its fastest rate since November 2003. Commercial building work and civil engineering activity have also both risen at their fastest pace for six and a half years.

This month the Chancellor announced measures which will continue to bolster the housing market. He announced that the Help to Buy scheme which featured in last year’s budget would be extended to 2020, market analyst Glenigan comments this should provide ‘additional certainty to house builders to bring forward sites for development’.

In an attempt to stimulate small local projects the Government is also creating a £500 million Builders Finance Fund to help SME’s that have struggled to secure bank lending. It estimated that the fund will unlock 15,000 housing units stalled due to difficulty in accessing finance.

The Government is also establishing a £150 million fund to kick-start the regeneration of large housing estates through repayable loans from private sector developers. Jason Bowler, CEO of specialist housing recruiter Resourcing Group comments that ‘this investment in existing housing stock is welcome news, we work with local authorities, housing associations and various construction organisations, I anticipate that this announcement will boost activity throughout the sector.’

Mr Osborne said that the increase in house building is ‘not enough’ and in a radical move announced an extra £150 million for the ‘right to build’ self-build fund. This will give people who want to build their own home the right to a plot from local authorities, the fund will provide up to 10,000 serviced plots for custom build.

The budget also allocated additional funds for infrastructure projects including £140 for the repair and restoration of vital floor defences and £200 million to improve highways.

The government will commit £500 million to Greater Cambridge until 2019-20 towards their transport and infrastructure plans which will support thousands of new homes in the local area.

The Chancellor has also pledged £270 million to support the Mersey Gateway Bridge project.

Iain Dennis CEO of Eden Brown comments ‘Our clients in the construction sector are extremely positive about the future; they have enjoyed a good twelve months and will be looking to take on extra staff to fulfil the current surge in demand.’