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Aldermore welcomes Treasury decision to allocate £2 billion to boost house building

POSTED: 3rd October 2016
IN: Newsroom
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Commenting on the Treasury’s decision to allocate £2bn to boost housebuilding and set up a £3bn fund to provide loans to small house builders, Charles Haresnape, Aldermore’s Group Managing Director, Mortgages, said:

“Aldermore welcomes the announcements from the Treasury supporting increased levels of housebuilding, but far more needs to be done for the UK to tackle supply issues, as this additional funding is not enough to match demand. Aldermore has long made clear its commitment to smaller developers and the vital role they have to play in solving the housing supply deficit. Years of missed recommended housing targets since the Barker Review have led to a housing shortfall of over a million properties, and the proportion of houses built by SME developers has steadily fallen since the 1990s. The Chancellor’s renewed commitment to the loan fund for small house builders will provide welcome certainty to those looking to embark on new projects.

“A survey carried out recently by Aldermore showed approximately a million first-time buyers are planning to get onto the housing ladder in the next 12 months, a level not diminished by the referendum vote, but in reality only around one third of those will be successful, and housing supply constraints currently in the market are a huge obstacle."

**Ends**

Notes to Editors:

For further enquiries, journalists can contact:

Rachael Snelling, Aldermore
Phone:          0208 1853 102
Email:           Rachael.Snelling@aldermore.co.uk

Johnathan Priestley, Cicero Group
Phone:          0207 297 5954
Email:           Johnathan.Priestley@cicero-group.com

Aldermore

Aldermore Group PLC is a specialist lender and savings bank offering straightforward products to Small and Medium-sized Enterprises (SMEs), homeowners, landlords and individuals, who we believe are often poorly- or under-served by the wider market.

Aldermore has no branch network but serves customers and intermediary partners online, by phone and face to face through its network of regional offices located around the UK.

Building on its core values of being reliable, expert, dynamic and straightforward, Aldermore aims to deliver banking as it should be.

Established in 2009, Aldermore has grown significantly. At the end of June 2016, lending to customers stood at £6.8 billion and customer deposits totalled £6.5 billion.

For more information, please visit www.aldermore.co.uk.

Aldermore Bank PLC is an operating entity of Aldermore Group PLC. In March 2015, Aldermore Group PLC’s shares (ALD.L) listed on the Main Market of the London Stock Exchange.

Aldermore Bank PLC is regulated by the Prudential Regulation Authority and the Financial Conduct Authority and is registered under the Financial Services Compensation Scheme.

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