3Jan

Autumn Statement outlines measures to build more homes

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.”

 

For more information about this article or any aspect of our property services, please call Neysan Valente or Reshma Patel on 020 8907 2000 or click here to email them and they will be delighted to help you (there is no charge for an initial telephone discussion).

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