Autumn Statement and Spending Review today.

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

Estate Agent Talk

Homes for sale in UK has reached highest level in eight years – Thoughts from the Industry

Following on from the data from Zoopla the number of homes available for sale in the UK has reached the highest level in eight years. Here are some thoughts from within the property industry. Guy Gittins, Chief Executive of Foxtons, said: “Despite last week’s announcement of a general election, we’ve not seen a dampening of…
Read More
Rightmove logo
Breaking News

Rightmove’s weekly mortgage tracker

Headlines The average 5-year fixed mortgage rate is now 04%, up from 4.63% a year ago The average 2-year fixed mortgage rate is now 41%, up from 4.97% a year ago The average 85% LTV 5-year fixed mortgage rate is now 01%, up from 4.55% a year ago The average 60% LTV 5-year fixed mortgage…
Read More
Breaking News

Highest supply of homes for sale in eight years will keep house prices in check

Zoopla HPI reveals that the UK is currently experiencing the highest supply of homes for sale in eight years, which will keep house prices in check for the rest of 2024, and also predicts that the 4th July General Election will have less impact on the housing market than during previous election periods. Supply of…
Read More
Breaking News

Breaking Property News – 29/05/24

Daily bite-sized proptech and property news in partnership with Proptech-X. Made Snappy 360 says 61% of letting agents omit property measurements from their listings – which NTSELAT now requires  Letting agents across the UK are proactively responding to an update from the National Trading Standards in Estate & Letting Agency (NTSELAT) regarding recommended “material information”…
Read More
Love or Hate Rightmove
Breaking News

Rightmove story: Home-movers undeterred by election

Majority of home-movers undeterred by election New insight among home-movers shows 95% say the upcoming election will not affect their moving plans Rightmove data from previous elections shows that the market remained steady: In 2015, demand from buyers was consistent leading up to the election, and experienced a post-election boost in June when the annual…
Read More
how to present your property for sale
Estate Agent Talk

6 Property Management Marketing Strategies For And Beyond

Did you know that over 70% of individual renters find their new homes on the­ internet? In our current digital e­ra, a sturdy online existence­ isn’t just an extra for property management firms—it’s a critical need. Nonethele­ss, with innumerable property administrators scrambling for visibility, how might your firm gain promine­nce? The solution is a de­tailed…
Read More