Budget Plans Have Been Unveiled for a £44bn Housing Boost
Posted on: 23/11/2017

The Chancellor has set back a large amount of money, loans and policy changes to boost housing delivery to 300,000 homes by the mid 2020’s.

Over the next 5 years, the housing stimulus package will involve £15.3bn of new cash. This will bring the total support for housing to at least £44bn over this period.

Philip Hammond pledged to push forward planning reforms to ensure more land is available for housing, and that underused land in our cities and towns is used more effectively.

£204m of funding is planned to be allocated for innovation and skills in the construction sector, including training a new workforce in preparation for the build of new homes. This will include £34m to scale up innovative training models across England, including a programme in the West Midlands.

The government is working with industry to finalise a Construction sector deal that will support innovation and skills within the sector, including £170m of investment through the Industrial Strategy Challenge Fund.

From the cash set aside, an extra £2.7bn will be added into the housing infrastructure fund, almost doubling it to £5bn. As well as this, it was also pledged that 5 new garden towns will be built by 2050, delivering an extra 1 million homes.

Stamp duty has also been abolished for first time buyers on homes up to £300,000 as of the 22/11/2017.

In London and all other expensive towns and cities, the first £300,000 of the cost of a £500,000 purchase by first time buyers will be exempt from stamp duty.

The Homes and Communities Agency will be renamed Homes England, and will have fresh authority to drive housing delivery, including compulsory purchase orders.

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