In yesterday’s budget, Chancellor of the Exchequer Rishi Sunak unveiled a range of measures to deliver the 2019 Conservative manifesto, with housing on the agenda. The key outtakes include:
- A new £12bn extension of the Affordable Homes Programme – revamping proposed tenure mix and geographical focus
- £400m to establish housing on brownfield land across the country
- Allocation from Housing Infrastructure Fund of £1.1bn for nine areas including Lancaster, South Sunderland and Manchester to unlock 70,000 new homes
- A long-term Single Housing Infrastructure Fund to unlock new homes in areas of high demand
- Non-resident buyers of homes in Britain will have to pay an additional 2% stamp duty
Planning – Housing Secretary Robert Jenrick will make a statement on planning reforms and paving the way for a Housing White Paper aimed at bringing the planning system in to the 21st century. This should see a simpler planning system, improve performance of local authorities and accelerate the development process.
For further information about the 2020 Budget, click here.