The Autumn Statement by Chancellor Philip Hammond set out a series of measures to boost house building and provide more homes.
The government plans to invest more than £7 billion, which will effectively double the capital spending on housing over the course of this parliament.
The latest official figures show that housebuilding is at its highest level in more than 8 years. Housing completions are also holding up strongly, and have increased by 7% compared with the same quarter a year earlier.
The further investment announced by Mr Hammond includes:
- a new Housing Infrastructure Fund of £2.3 billion to unlock new housing supply with the potential to deliver up to 100,000 homes
- £1.4 billion to deliver an additional 40,000 affordable housing starts by 2020 to 2021 – in addition, the government will relax restrictions on grant funding so providers can deliver a mix of homes for affordable rent and low cost ownership, to meet the housing needs of people at different stages of their lives
- £2 billion of funding to pilot ‘accelerated construction’ to speed up house building on surplus public sector land
- £1.8 billion of extra spending by Housing Associations from sources other than central government.
Communities Secretary Sajid Javid said: “With a doubling in capital spending, we are injecting the stimulus the market needs for a step change in the number of homes being built in the places people want to live – both in this parliament and beyond.”
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