Chancellor Philip Hammond is to announce a new £1.4bn fund for affordable rented housing in a shift away from the previous administration’s focus on home ownership.
Housing associations, local authorities and some private developers will be able to draw from the fund, which is expected to enable an extra 40,000 homes, according to The Times.
The capital grant fund will seek to award millions of pounds to housing associations and local councils building homes to be rented at up to 80% of market rates.
It will add to the £4.7bn of capital grants already allocated until 2021.
The move signals a recognition by government of the increasing demand for private rented housing. The chancellor is also expected to announce a ban on letting agency fees for tenants, in an attempt to save renters hundreds of pounds.
Housing minister Gavin Barwell previously hinted that the government would release the housing white paper around the same time as the Autumn Statement. However, it is understood the major policy document might not be ready until January.
The chancellor is therefore expected to announce some key housing policies this afternoon (Wednesday 23 November) to show the government’s commitment to the sector.
This could include legislation to tackle land-banking by forcing land owners to start construction work with agreed time limits after they receive planning permission to build.
New devolution deals are anticipated for Yorkshire, the Solent, Lancashire and the North East. The West Midlands could see some supplementary fiscal devolution on top of its current agreement.
Infrastructure investment announcements are guaranteed, with London’s Crossrail 2 among the likely beneficiaries.
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