The Budget 2020: Housing Roundup
There were a number of housing sector updates in the chancellor’s Budget announcements last week, including extra funding to build affordable homes and additional money to remove cladding. We’ve looked at the key points, and here’s the roundup…
The Chancellor also introduced a Grenfell building safety fund of almost £1bn, which will be used to remove cladding from residential buildings taller than 18 metres.
There will be £1.1bn allocated from the housing infrastructure fund to build almost 70,000 homes in high-demand areas. The Affordable Homes Programme, which was introduced in 2016 and was due to end next year, is being given a £12.2bn extension and will run until 2025.
There will be disappointment for first-time buyers who were expecting a raft of measures to help them onto the housing ladder to be introduced in this Budget.
There was no mention of the so-called ‘First Homes scheme’, where first-time buyers, ex-service personnel and key workers buying in their local area have been promised a 30% discount.
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