Budget is Good News for Housing

In this week’s budget the Chancellor announced a series of measures to help first time buyers get on the housing ladder, increase availability of affordable homes and ease the pressures in the housing market.

The budget included:

  • More social housing. Councils in high demand areas will be able to build more social housing as debt caps will be raised. The change comes a week after housing associations were told they could be free of public debt caps and allowed to build more homes
  • Support for those at risk of becoming homeless. There will be a £125m increase over two years in Targeted Affordability Funding for Local Housing Allowance claimants in the private sector struggling to pay their rent
  • A nudge to Landlords. There was also an announcement to tackle landlords who leave their properties empty. They will now face a 100% council tax premium
  • Support to get builders building.  Investment of £44bn will be invested by the Government to boost construction to meet the target of building 300,000 new homes a year by the middle of the next decade.  Developers who are sitting on land have been told to start building or face the possibility of losing their land

There are significant measures in the budget that will specifically help Milton Keynes. First time buyers will no longer pay stamp duty and developers will be given support to build where they already have planning permission.”

There is no silver bullet, it needs a number of solutions on a local and national level. I certainly welcome the measures in the budget, it puts pressure on developers to build and gives Councils more powers to bring down the number of homeless families.

In his speech the Chancellor also announced that he would scrap stamp duty for first time buyers. In closing his speech the Chancellor said, “When we say we will revive the home-owning dream in Britain. We mean it. We do not underestimate the scale of the challenge, but today, we have made a substantial down payment.”