However, questions are being asked as to whether the Sunak’s measures are actually going to address the housing crisis, and whether the government will deliver on its promise. Sunak said the government would be “investing more in housing and home ownership.” He plans to put £24bn ($32.9bn) into housing, including £11.5bn to build 180,000 affordable homes. At the same time, it has created distortion in the market and resulted in demand far outstripping supply. While the tax break helped many buyers step onto, and climb up, the property ladder, it has also fuelled a sales boom, with house prices pushed up to record highs.
Some of the current housing sector issues are fallout from the chancellor’s stamp duty holiday, launched to try and get the property market moving once it reopened after the first national lockdown. UK chancellor Rishi Sunak said the government would be 'investing more in housing and home ownership.' Photo: Matt Crossick/Empicsīuyers and sellers had hoped chancellor Rishi Sunak would use the Autumn Budget to fix the housing market, but instead, his statement was pretty light on the property front.
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