Chancellor announces biggest house building drive since the 70s

Last week George Osborne, the Chancellor, announced a huge house-building programme as part of his autumn statement.

Thousands of new homes will be partly funded by the government. Mr. Osborne announced that £2.3bn would be made available to fund the building of starter homes. Outside London, new homes that are part of this scheme will cost no more than £250,000 and in the capital, the ceiling will be £450,000.

Buyers of these homes will get a fifth off the standard purchase price. Provided they retain the property for at least five years, they will be able to retain that benefit in full.

In addition, Mr. Osborne said that 135,000 new ‘shared ownership’ homes would be made available. The government will also make an additional £4bn available to housing associations and to local authorities to help them to develop and build new homes.

The Chancellor said in his review:

“In the end Spending Reviews like this come down to choices about what your priorities are, and I am clear: in this Spending Review, we choose housing. Above all, we choose homes that people can buy for there is a crisis of home ownership in our country.”

Architects in North Wales and the rest of the UK were already anticipating growth in demand for their services, and the new house-building programme should increase their workload further. Changes to planning law should also speed up the rate at which new homes can be built. The proposal to release new land for the development of starter homes will have a big impact on how fast many of these new homes can be built.

Posted by Matt Hughes
November 30, 2015
New Buildings

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