Spring Statement Reaction from Living Space

Paul Breen, Managing Director for affordable housing specialist Living Space said: “We welcome the range of measures Chancellor Rishi Sunak has put in place to acknowledge and help to tackle the widespread cost of living crisis. However, this is barely scratching the surface of the current issues. Soaring energy price rises are hitting those on low incomes disproportionately. Far more needs to be done to prevent more households from falling into spiralling debt by simply using their cars and heating their homes.

“With appropriate funding, the affordable housing sector can lead the way in decarbonising the UK’s housing stock. The uplift in cost to build an EPC A-rated home is a fraction of the price of retrofitting an existing home with the same energy saving technology. However, only a small proportion of new homes are being specified to EPC A standards, with many only meeting current Building Regulations.

“With oil and gas prices at an all time high, we are delighted that the two new developments Living Space will be breaking ground at over the coming weeks will be EPC A-rated, with zero dependence on fossil fuels. Air source heat pumps, solar PV roof panels, and enhanced levels of insulation are measures that do cost more to install, but the payback time is short. With this in mind, we feel the Future Homes Standard should be much more ambitious, with housebuilders heavily incentivised to deliver zero carbon ready homes.   

“Living Space is actively seeking additional sites ripe for development to continue to tackle the chronic shortage of quality affordable housing stock across middle England. In his Autumn Budget five months ago, Chancellor Sunak made reference to additional cash towards the Brownfield Land Release Fund. We would urge that this is rolled out nationwide as soon as possible, as there has never been a greater need to accelerate delivery of affordable and open market new homes, while regenerating previously used land in the process.”

Living Space has a total of 674 residential plots under control, representing a combined value in excess of £113million. The Solihull-based business is on track to deliver at least 20 developments over the next two years. The vast majority of the homes Living Space builds are delivered to Registered Providers (RPs) for affordable rent and shared ownership. Living Space sources the land, achieves Full Detailed Planning consent and builds the homes for the RP, enabling them to focus on the funding and management of high-quality homes for their residents.