Autumn Budget 2017 – Housing
The Chancellor presented his Budget to Parliament this week with details of the Government’s plan to increase housing supply. The Autumn Budget 2017 package to increase housing supply includes over £35 billion of additional financial support for house building over the next five years, bringing the total support for housing to at least £44 billion during that period. This financial support alongside planning reforms will ensure more land is available for housing.
With grants to local authorities for strategic infrastructure and more borrowing for Councils to build new council homes this will aid Councils and developers working alongside to bring forward strategic sites of higher design quality.
Alongside the confirmed additional £10 billion for the Help to Buy Equity loan to assist 135,000 more people to buy new build homes, the further £2 billion of funding for affordable housing and the stamp duty land tax relief for first time buyers on homes under £300,000 this should see the country reach its target of 300,000 new homes a year, an amount not seen since 1970.
The Budget also allocates £34 million towards teaching construction skills such as bricklaying and plastering to ensure the country has the skilled labour force it needs to ensure quality housing is delivered.
Read the full Autumn Budget 2017 here: http://bit.ly/2jiTyUH