Whether it’s a Conservative or Labour-led UK Government, following the general election on Thursday 12 December, the housing industry is set for a bonanza, as both parties are promising a significant programme of house building in their manifestos.
The Conservative party has vowed to build at least one million homes over the next five years to help fix the broken housing market.
It has also pledged to introduce ‘lifetime’ fixed-rate mortgages, that only require a 5 per cent deposit, to help renters get a foot on the property ladder, and offer 30% discount to local first-time buyers – through its new ‘First Home’ scheme.
So, while the one million figure may be encouraging, it appears the new target is somewhat lower than today’s existing building rate, with the MHCLG reporting 213,660 net additional new build dwellings were delivered during 2018-19. It is also much lower than the UK Government’s current goal of 300,000 homes per year by the mid-2020s.
As for the Labour party, it will launch what it says will be the biggest council and social house building programme for decades, constructing 100,000 council homes and 50,000 genuinely affordable homes per year during its 5-year term in parliament.
It will fund the programme by allocating £75bn of its Social Transformation Fund to house building. The £150bn windfall is designed to ‘repair the social fabric’ of the country by investing in schools, hospitals, care homes and council houses.
Labour’s offering appears to be the most generous for the construction industry-as-a-whole. However, further financial support for training and upskilling will be necessary to ensure we have the manpower available to deliver on this promise.
This is what we are doing at M. Lambe Construction. We have invested in a training centre to enable the development of our own enhanced NVQ Level 2 Diploma in Civil Engineering. All apprentices receive two days per week in the centre and three days on site under the supervision of a dedicated mentor.
Beyond apprenticeships, we are currently providing our staff with full financial support towards BTEC, HNC, undergraduate and postgraduate level qualifications. We believe this approach sets the business and our colleagues in good stead for the future.
So, if you’re creative, driven and love a challenge, M. Lambe Construction could be the place for your next career move. Call us today on 0121 554 2108.