Chancellor earmarks more housing cash in lukewarm Spring Statement

Chancellor Philip Hammond earmarked more cash for affordable housing in his Spring Statement today.

The Chancellor assigned an extra £1.7bn for affordable housing in London, equating to 26,000 new homes.

Hammond said the extra cash would take the total planned affordable housing levels in London to 116,000 by the end of 2021/22.

Hammond also added that 60,000 first-time buyers had benefitted from the stamp duty tax relief announced in the 2017 Autumn Budget.

The Chancellor said the Government was committed to “building the homes that our people need”.

Hammond also gave an update on the progress of the Land Remediation Fund.

The LRF opened last August to let local councils bid for cash to help unlock land for housing.

Hammond said the LRF has given the West Midlands council £100m for 215,000 new homes by 2030-31.

However, the Chancellor did not ‘pull any rabbits out of hats’ with major policy announcements in the way beloved by his predecessor George Osborne.

Hammond has already said he will keep major policy changes for the Autumn Budget.

Source: Mortgage Strategy