The UK government has announced funding of close to £7bn to boost the building of new homes as part of the Autumn Statement. Hoping to offer a solution to the housing crisis, the funding has been divided into two nationwide projects and one in London.
Chancellor Philip Hammond announced a £2.3bn housing infrastructure plan to support the construction of 100,000 new homes in high-demand areas. A further £1.4bn will go toward building 40,000 new affordable homes in places where first time buyers are being priced out of the market. This money will be shared between three schemes: Affordable Rent, Shared Ownership and Rent to Buy.
London, specifically, will also receive a £3.15bn share of national funding to deliver 90,000 affordable homes in the capital.
Mr Hammond said: “This commitment to housing delivery represents a step-change in our ambition to increase the supply of homes for sale and for rent, to deliver a housing market that works for everyone.”
There have been a number of schemes and funding put in place in the past year by the government to help reach targets for new housing. The funding is in addition to the £3bn Home Builders Fund to deliver 200,000 homes revealed earlier this year.
The National Association of Estate Agents (NAEA) welcomed the funding but spoke of the need for more than 40,000 new affordable homes to solve the housing crisis and get first time buyers on the property ladder.
Elsewhere in the Autumn Statement, support for Right to Buy and Help to Buy ISAs will remain in place. Letting agents in England will also be banned from charging upfront fees to tenants “as soon as possible”.
Advice for land owners in Market Harborough
If you are a land owner in Harborough and would like advice on how you can create a suitable development on your land, contact Naylors Estate Agents on 01858 450020 for an informal discussion.