MORE MONEY FOR HOUSEBUILDING
In his autumn statement the chancellor announced unveiled his Housing Infrastructure Fund, worth £2.3bn. The fund will support up to 100,000 new homes in areas ‘of high demand’. This is certainly good news if you’re going to be in the market for a new build.
The Chancellor also confirmed a £1.4bn investment aimed at building 40,000 affordable homes – funding which is believed to be as well as the £4.7bn announced earlier.
The Government is also to ease restrictions, which will allow a broader range of affordable homes to be built, including homes for rent and low-cost ownership housing.
But what about first-time buyers? Well the Chancellor has said the Government will continue its support for the ‘Help to Buy’ ISA which was launched this time last year. This also included the equity loan element of Help to Buy (the mortgage guarantee element will be pulled, as planned, at the end of 2016).
This additional funding has been put in place to help the Government achieve its target of one million new-build homes by 2020.
Posted: 24/11/2016
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