Sue Foxley, Head of Research at Cluttons, said:

“An ongoing commitment to the Funding for Lending scheme and the announcement of the Help to Buy scheme are welcomed, but in London and the highly restricted residential areas in south east, an increase in funding in the absence of new supply can only result in price rises well ahead of earnings.

“Therefore, in parallel, the local planning politics in the Home Counties in particular that are holding back residential development must be addressed. The Chancellor noted the ongoing reform of the planning laws but to date there has been little sign of delivery.”

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