Recovery from the crisis is in sight!

Investment in infrastructure and funding for apprenticeships - how Rishi Sunak plans to boost the construction industry. 

On March 3, chancellor Rishi Sunak announced the awaited Budget 2021, which promised to help support thousands of people in the construction industry - just as employers are looking to hire them.

Sunak broadcasted plans to lift the economy, which includes extending some schemes like the furlough, self-employment support, stamp duty holiday, the creation of a UK infrastructure bank and mortgage guarantee scheme. 

The budget was met with positivity from within the industry, with figureheads such as Mark Reynolds, group chief executive of Mace, stating “that is clear the chancellor recognises the huge importance of maintaining jobs and continuing to support investment in housing and infrastructure to deliver the growth we desperately need”.

As well as offering £126m of new funding for 40,000 traineeships to help build back what was lost from the pandemic, Sunak has also extended the furlough scheme until the end of September.  

Recognising the need to bridge the UK skills gap within the sector, as well as build a post-covid greener industry, the creation of a UK infrastructure bank will target investment at the very heart of where it is most needed to drive innovation and growth. 

Find out more about how the current Budget 2021 impact the construction industry: https://www.pbctoday.co.uk/news/planning-construction-news/budget-2021/89849/

‘Generation Rent to Generation Buy’ Rishi Sunak’s Promise To Revive The Property Market

“Whatever it takes” to help business and people through the “moment of crisis” caused by the coronavirus pandemic!

Just what is Rishi Sunak promising the property market? We take a closer look at how Mr. Sunak aims to convert ‘generation rent to generation buy’.

• Extension of the stamp duty holiday until the end of June

• Tax break extended by 3 months - was due to end on 31 March and will now be extended to 30 June

• A new 95% Mortgage Guarantee scheme - to enable more people to become homeowners

Rishi Sunak’s budget announcement earlier today bought some much-needed relief to those buying and selling their homes.

The first saving grace came in the form of a government pledge, to provide a guarantee to lenders who offer mortgages to people with a deposit of just 5% on homes with a value of up to £600,000. Under the new ‘Mortgage Guarantee’ Scheme, the government will offer incentives to lenders, bringing back the 95 per cent mortgages that have “virtually disappeared” during the pandemic.

Lloyds, NatWest, Santander, Barclays and HSBC will be offering 95% mortgages from April, with other lenders including Virgin Money expected to launch products soon after.

This mortgage guarantee scheme is believed to be similar to the ‘Help to Buy’ scheme of 2016.  According to the treasury, this scheme is believed to help revive the market and push house prices up.

The stamp duty holiday has also been extended for a further three months, with the tax being suspended on the first £500,000 of all property sales in England and Northern Ireland since July. This will provide great relief to those buying and selling their homes. The extension means that anyone completing a purchase on their main residence, up to the value of £500,000 before the 30th of June will not pay any stamp duty.

According to Mr. Sunak, he aims to convert “generation rent to generation buy” stating that young people can have a chance to own their own home, making it easier for them to get onto the property ladder.

Find out more below:

Mortgage guarantee scheme: How the 5% deposit help to buy boost will work, ahead of Budget 2021 speech today

Budget 2021: the results

When does the stamp duty holiday in England and Northern Ireland end? - BBC News

Choose a loft conversion than moving home

For most properties having a loft conversion doesn’t require planning permission. From 1st October 2011, new regulations came into force that meant permission from your local council was no longer required saving on average £1,000 per project for each homeowner looking at embarking on the work.

Because of this and the current uncertainty around our economy, many homeowners are choosing to opt for home improvements rather than move. This is not only helping to save them money on legal fees, estate agent fees and removals as well as, the stress encountered when moving home. Home improvement can also increase your home value by approximately 10%.

One of the main reasons people want to move is to gain additional space, this could be due to a growing family, change in working circumstances or simply an improvement in their financial situation.

How to convert your loft for maximum usable space

Once you’ve made the decision to stay put rather than move and before you engage with a building company, you need to have a clear idea of how you want to use the space. There’s not point investing in a new room if it doesn’t get used much.

Think about how you and your family currently use your home and how best to utilise the space available. If you are unsure or have a few different ideas a good architect or project manager will be able to talk through all of the options with you.

It can be difficult to visualise the finished space and so having it drawn out for you is not only vital in terms of planning and construction, but it can help you to see how you will use the room.

Some popular loft conversions:

Office Space

Extra bedrooms for the children

Master bedroom and en-suite bathroom

Play room or den for the kids to hang out in

You can pretty much use the space for whatever you want to!