Vivly Living backs chancellor Reeves' Mansion House speech

Chancellor Rachel Reeves’ Mansion House speech, in which she announced a series of changes aimed at making it easier for people to get on the housing ladder, has been welcomed by Vivly Living, the award-winning Yorkshire residential property developer and builder.

From loosening the income cap on mortgages to making the mortgage guarantee scheme permanent, the Chancellor is aiming to encouraging home ownership—especially for first-time buyers.

The Chancellor’s speech comes hard on the heels of her demands for UK regulators to embrace a “pro-growth agenda”.

Oliver Bottomley of Huddersfield-based Vivly Living commented: “Rachel Reeves’ recent announcements mark a clear shift in housing policy, with measures that could help thousands more first-time buyers onto the property ladder. Increasing lending above 4.5 times income, expanding products like Nationwide’s Helping Hand, and making the Mortgage Guarantee Scheme permanent are all designed to stimulate activity at the entry level of the market.”

It is estimated that the result of these measures could be an estimated 36,000 additional transactions in the first year alone.

Currently Vivly are on site with three successful West Yorkshire developments at Shepley, Denby Dale and Skelmanthorpe.

Oliver continued: “It’s clear that there are worries about the ailing UK economy, but the easing of mortgage rules, coupled with the relaxation of planning regulations, should give the housing market the boost it badly needs. When this happens, a flourishing housing sector could kickstart an economic revival. This is obviously what Rachel Reeves is banking on as she pursues a pro-growth agenda.

“The Chancellor has set out an extensive package of pro-growth reforms that should be well received. By extending mortgage access through lower deposit requirements, fairer affordability checks and greater lender flexibility, the government is recognising the real financial challenges that aspiring homeowners face.

“Changing the mortgage lending rules will help with affordability issues, not just for first time buyers but also those looking to move further up the housing ladder.

The Chancellor’s Mansion House speech has been widely praised as a significant and welcome move towards a more inclusive housing market, and a financial system that reflects more accurately how people actually live and spend their money today.

Oliver concluded: “Reviewing the mortgage lending rules would help with affordability issues, not just for first time buyers but also those looking to move further up the housing ladder. Banks will always lend responsibly so we feel that fears that the loosening of mortgage regulations will lead to thousands of people overstretching themselves are unfounded.”

Vivly Living has been granted planning permission and work has now started on site for its exciting new residential development at Shepley, near Huddersfield. Kirklees Council has given the go-ahead for 52 new homes at Knowle Grange, which will form Phase 2 at Vivly’s development in the village.