Billions committed to unlock housing schemes and build affordable homes

CHANCELLOR Philip Hammond moved to act on the housing shortage with his Autumn Statement pledge to invest £1.4bn into a building programme for 40,000 affordable homes.

He also unveiled £2.3bn in infrastructure support for 100,000 homes in “areas of high demand”.

Mr Hammond also promised to broaden the scale of the Government’s Right to Buy scheme and to continue support the Help to Buy scheme and the Help to Buy ISA.

“This will more than double the annual capital spending on housing,” he said. “And it represents a step change in helping to deliver a housing market that works for everyone.”

Mr Hammond also confirmed the expected move to ban letting agents from charging tenants up front fees, which often amount to several hundred pounds.

IM Land’s strategic land director, Jonathan Dyke, was reassured by the Chancellor’s renewed commitment to house-building, although he isn’t convinced the government fully understands the current pressures on the sector.

He said: “We all see the need for more homes, and on a major scale. Birmingham’s current development plan forecasts that almost 90,000 new homes will be required by 2031, but if that target is to be met then strategic planning at a regional level needs to be dealt with much more quickly.”

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