Autumn Statement and Spending Review today.

November 25, 2015

George Osborne will later today in the combined Autumn Statement and Spending Review  set out government spending plans for the next five years, this will include the government’s taxation and deficit reduction plans but should also include new money for house building.

The chancellor is expected to  pledge almost £7bn to make house building a priority, with more than 400,000 “affordable homes” to be built in England, cuts however are expected to welfare spending.

The Treasury said the chancellor would unveil “the biggest affordable house building programme since the 1970s”, to include:

£2.3bn paid directly to developers to build so-called “starter homes”, aimed at first-time buyers, who will get a 20% discount on prices up to £450,000 in London and £250,000 elsewhere

£4bn to help build 135,000 “Help to Buy: Shared Ownership” homes for households earning less than £80,000 (or £90,000 in London)

£200m for 10,000 new homes that tenants can live in for five years at reduced rents while they save for a deposit. They will then have “first right” to buy the home

£400m to help build 8,000 specialist homes for older people or those with disabilities

Live coverage of the Autumn Statement and Spending Review will begin on Radio and TV from 11.55am today.

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

Breaking News

Annual house price growth softens in June

Annual rate of house price growth slowed to 2.1% in June, from 3.5% in May Northern Ireland remained the top performing area, with annual house price growth of 9.7% East Anglia weakest performing region, with 1.1% year-on-year rise Commenting on the figures, Robert Gardner, Nationwide’s Chief Economist, said: “UK house price growth slowed to 2.1%…
Read More →
Letting Agent Talk

How Letting Agent Software Can Streamline Your Rental Management

Managing rental properties has evolved far beyond the traditional approach of paperwork, phone calls, and manual record-keeping. Today’s letting agents face increasing complexity in their operations, from navigating ever-changing regulations to meeting heightened tenant expectations while maintaining profitability. The modern rental management landscape demands efficiency, accuracy, and responsiveness that manual processes simply cannot deliver at…
Read More →
small house bird box
Breaking News

UK First Time Buyers better off than many other global nations

Is it really that bad being a first-time buyer? UK better off than many other global nations when it comes to affordability The latest market analysis from Yopa, the full-service estate agents, reveals that first-time buyers (FTBs) in the UK may be paying 63% more to get a foot on the property ladder than they…
Read More →
new build homes colchester essex
Breaking News

Building Safety Regulator Reform

The Government has announced reforms to the Building Safety Regulator, including leadership, process and investment. The changes are hoped to deliver 1.5 million homes. The reforms pave the way for creation of a single construction safety regulator, as recommended by the Grenfell Tower enquiry. David Smith, property litigation partner at London law firm Spector Constant…
Read More →
Breaking News

New anti-money laundering rules now in effect: what landlords need to know

New anti-money laundering (AML) rules came into effect this month, marking a significant change for landlords and the lettings industry as a whole. The new rules mean financial sanctions checks are now required for all lettings, regardless of how much rent is charged. Here, Steve Bond, managing director of residential lettings for Beresfords, explains what…
Read More →
Breaking News

What landlords need to know about the upcoming Renters Rights Bill

The government’s long-awaited Renters Rights Bill is one of the most significant overhauls of the private rental sector in decades. While it has not yet received royal assent, the legislation is expected to come into effect late this year, or early in 2026. With the bill moving closer to becoming law, Steven Bond, managing director…
Read More →