Philip Hammond has used his first Autumn Statement as Chancellor of the Exchequer to prioritise capital expenditure on housing and unlocking housing as part of a statement intended to ‘deliver a housing market that works for everyone’.
In advance of the government’s package of measures due to be announced as part of the forthcoming Housing White Paper, the Chancellor reaffirmed the government’s commitment to the Help to Buy Equity Loan scheme and announced two new allocations of funding aimed at boosting housing supply:
Affordable Housing: £1.4bn has been set aside to deliver 40,000 additional affordable homes by 2020-21. Alongside the extra money, the government will relax restrictions on the precise tenure of the units to allow for a broader range of affordable housing to be provided
Housing Infrastructure Fund: The creation of a £2.3bn Housing Infrastructure Fund by 2020-21 which will see local authorities, combined authorities and cities bid on a competitive basis for infrastructure funding with the specific requirement that it unlocks housing. The money, heavily backloaded towards the end of the parliament, will be focused on areas with the greatest housing need and where affordability is most stretched. It is intended to eventually help to unlock the delivery of 100,000 new homes. The most obvious area of expenditure will be on roads but it could also be extended to utilities and other areas.
The Autumn Statement also formalises the £2bn of funding pledged by the Communities Secretary at Conservative Party Conference to pilot Accelerated Construction on public sector sites.
The Housing White Paper will include a wide range of measures and reforms to increase land availability, boost supply and ‘halt the decline in housing affordability’. The White Paper is expected in the coming weeks and HBF will provide a comprehensive briefing when it is published.
Home Builders Federation
London, SE1 9PL
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