In his recent speech at the Conservative party Conference, Chancellor Philip Hammond said he will prioritise spending on new homes to tackle the housing shortage and make homes more affordable.
He announced that the government plan to borrow an extra £2 billion to support an accelerated construction scheme aimed at speeding up construction of new homes on surplus publicly owned brownfield land. And new rules will be brought in to make it easier for developers to demolish offices and replace them with residential housing on a like for like basis.
The new homes will be generated by a £3 billion Home Building Fund. This will help to build more than 25,000 new homes this parliament and up to 200,000 in the longer term. The fund will provide loans for small and medium enterprise builders, custom builders and essential infrastructure, creating thousands of new jobs in the process.
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