Philip Hammond has released his first Autumn Statement as chancellor and the first budget to be released since the UK’s decision to leave the European Union.
The key policies for property so far are:
• £2.3bn infrastructure fund to unlock new homes in areas of high demand.
• £1.4bn to deliver 40,000 additional affordable homes.
• Relaxed restrictions to government grant to allow provision of a wider range of housing tenures.
• Continued support for home ownership through Help to Buy equity loans and ISAs.
• More borrowing powers for mayoral regions.
• London to receive £3.15bn as its share of national affordable housing funding to deliver a commitment of 90,000 affordable homes.
• Double real annual government spending on housing.
• Housing white paper to arrive “in due course” – potentially in the new year.
• Commitment to spend 1% to 1.2% of GDP on infrastructure investment by 2020.
• Commitment to new Oxford to Cambridge expressway and technology corridor.
• Business rates reduction package worth £6.7bn – reduction in rates relief caps in 2017 and 2018.
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