The house building industry has welcomed the government's announcement of additional funding in the Budget, however, it might not stretch far enough.

Peter Bolton King, chief executive at the National Federation of Property Professionals, said that the sector has been going through a "torrid time" recently.

"Therefore I am pleased to see anything that really helps that end of the market ... but one has to remember that it is just one sector of the market," he noted.

Mr Bolton King went on to say that the £150 million investment unveiled last week (March 21st) by chancellor George Osborne is "encouraging".

"What we really need to see are things done to stimulate and help the whole of the market, which of course is so vital to the economy," he added.

The investment comes on the back of the NewBuy scheme, which could also stimulate activity in the housing construction sector, creating thousands of jobs in the process.

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