Chancellor to unveil new housing plan

Chancellor George Osborne will set out the government’s spending over the next five yeas in his Autumn Statement today and will announce new funding to build more than 400,000 new affordable homes in England.

The government will make housebuilding a priority in answer to the “crisis of home ownership” by pledging £7Bn of funding.

In his Autumn Statement to the Commons, Mr Osborne is expected to say: “In the end, spending reviews like this come down to choices about what your priorities are. And I am clear: in this spending review, we choose housing. Above all, we choose homes that people can buy.

The housing programme will see £4Bn will go towards the ‘Help to Buy: Shared Ownership’ scheme that will see 135,000 homes built and available to households who earn less than £80,000. It will enable people to buy a share in their home and increase their level of ownsership as and when their budget allows.

Developers will be paid £2.3Bn directly to help first time buyers onto the property ladder by building starter homes. Buyers will receive a 20% discount on properties worth up to £250,000 and £450,000 in London.

£200M will be used deliver 10,00 new homes available with reduced rents for tenants while they save enough money for a deposit. The house will be sold after five years with the tenant given the first option to buy the property.

£400M will go towards creating 8,000 homes built with the elderly and disabled in mind.

Housing Minister Brandon Lewis had previously announced the government had set a target of building 1 million new homes by 2020.

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