Budget 2013: A game-changer for the housing industry

Local house builder Crest Nicholson, which has a development in Southampton, has welcomed many of the measures outlined in this year’s annual budget.

As Christine Tiernan, Sales and Marketing Director for Crest Nicholson South, commented: “The budget has been billed as ‘a budget for an aspiration nation’, and it was certainly a real game changer for the property market. While pressure has been mounting on George Osborne to abandon his austerity programme and increase spending on growth-boosting programmes, many of the measures we saw unveiled yesterday were aimed firmly at struggling would-be homeowners struggling to find a deposit.

“Clearly any measures to inject new life into the UK housing market are extremely welcome, and the Help to Buy scheme in particular, promising to underwrite £130 billion of new home loans over the next three years, is a bold move. It’s also encouraging to see the shared-equity scheme being extended to all homebuyers, rather than just first-time buyers, which will undoubtedly help to open up the market for second steppers.”

“Such programmes are likely to do much towards getting the market moving again, but the real issue now will be the extent to which the banks are prepared to accept these new measures. The Help to Buy scheme, for example, will be entirely voluntary, so there is the risk that lenders may need to be further incentivised to offer good quality loans. Overall though, it is clear that continued investment in the sector is absolutely essential. Unlocking the housing market will not only create more homes, but also contribute towards the associated jobs and skills that are vital for the future of the economy.”

Situated on College Street, Empress Heights’ location makes it ideal for entertainment, shopping and sport. The apartments are only a short walk from Oxford Street with its great selection of restaurants and bars, and the city’s major shopping centres. Southampton’s docks, football grounds and central train station are also a short walk away.

Under the FirstBuy scheme, prices for a one bedroom apartment start at £108,760 and £130,800 for a two bedroom apartment. For more information, visit the Sales and Marketing Suite which is open from Thursday to Monday (10am – 5pm). Alternatively, log on to crestnicholson.com/empressheights.