Late last year, the Government announced that it was “on track to raise housing supply to 300,000 per year, on average, by the mid-2020s”.
The Autumn Budget made over £15 billion of new financial support available for house building over the next five years. This reform plans to make more land available for housing and ensure that the UK is maximising the potential of its towns and cities to build new homes.
What is the Government spending on house building?
During his Autumn Budget, Chancellor of the Exchequer Philip Hammond said that the Government had increased the supply of homes by more than 1.1 million since 2010 and planned to continue this growth. He noted:
“If we don’t increase the supply of land for new homes, more money will inflate prices and make matters worse. If we don’t do more to support the growth of the SME house building sector, we will remain dependent on the major national house builders that dominate the industry.”
In a document published post-Budget called “Building the homes the country needs”, the Government outlines the financial support that the house building industry will receive:
| Home Building Fund – loans to SMEs to build homes | £1.5 billion |
| Small Sites: infrastructure and remediation – grants for remediation and infrastructure to accelerate the building of homes on small and stalled sites | £630 million |
| Local Authority house building: additional investment – more borrowing for councils to build new council homes | £1 billion |
| Housing Infrastructure Fund: extended – grants to local authorities for strategic infrastructure that unlocks new housing | £2.7 billion |
| Land Assembly Fund – assembling fragmented pieces of land into ready to go sites for developers to build homes on | £1.1 billion |
| Estate Regeneration – transforming run-down estates and providing more housing | £400 million |
| New financial guarantees – to support private sector house building | £8 billion |
| Total | £15.3 billion |
Source: https://bit.ly/2Lm25BU
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