Spring Statement – Housing Highlights
It doesn’t seem that long ago when we reported on the outcomes of the Autumn Budget back in November. There was plenty of good news for first-time buyers with stamp duty axed for properties worth up to £300,000 and a £44 billion investment in building new homes for the future. In Tuesday's newly named, Spring Statement, Chancellor Philip Hammond gave an optimistic update on the government’s continued efforts in boosting the property market across the country. In this blog we reveal these latest housing highlights;
New homes
The chancellor stated the government is on track to raise housing supply to 300,000 per annum. He stated “At the heart of our plan of building an economy that works for everyone is our commitment to tackle the challenges in our housing market with an investment programme of £44 billion to raise housing supply to 300,000 per year by the mid—2020s.”
He revealed to the House that the Housing Minister is working with 44 councils that have bid for the £4.1bn housing infrastructure fund in order to deliver new homes. Additionally, a deal has been agreed with the West Midlands which is committed to build 215,000 homes by 2030-31, paid for by a £100m grant from the land remediation fund.
Financing small builders
The Chancellor revealed that the existing Housing Growth Partnership with Lloyds Banking Group will be more than doubled to £220m, which will help to provide additional financing for small builders working to construct the country’s new homes.
First-time buyers
Hammond revealed that 60,000 first-time buyers have already benefited from the stamp duty relief following the autumn budget. Click here to find out more on the abolition announced in last year’s budget.
Affordable homes for London
There was good news for London which will receive a further £1,7 billion to deliver a further 26,000 affordable homes by the end of 2021/22. This brings the total to 116,000 by the target date.
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