Chancellor Osborne to set out financial plans for homebuilding

Wed, 25 Nov 2015

Chancellor Osborne to set out financial plans for homebuilding
George Osborne is to set out the spending plans for the government later today, setting the economic scenery which will hopefully see housebuilding become a priority by 2020.

£7 billion are set to be devoted to making housebuilding a priority. Despite the introduction of schemes like the Help to Buy Equity Loan and the Mortgage Guarantee, housing supply has not increased to the point first time buyers can easily access the market.

These plans bring with them the hope of 400,000 more affordable homes to be built in England, hopefully helping to alleviate the market and make it more profitable and welcoming once again.

Unfortunately, the country's deficit has not reduced as much as would have been liked, and Osborne is in the situation where he needs to make changes, but has to save as much money as possible.

£5 billion is hoped to be raised from cracking down on tax avoidance, £12 billion is hoped to be saved from annual welfare spending, and governmental departments are to be asked to find £20 billion.

The treasury have said that the announcements will include the "biggest affordable housebuilding programme since the 1970's."

£2.3 billion is to be paid to developers so that they can more easily build starter homes, specifically for first time buyers who should be able to get a 20 per cent discount on them. £4 billion is to help build 135,000 Help to Buy Shared Ownership homes, and money is going to go towards specialised homes for people with disabilities, and for "first right" tenant accommodation which will help people save for a deposit and even buy the home that they are renting at the end of a five year tenancy.

The next five years will hopefully see some big turnarounds for the housing market. There are millions of people who are unable to get onto the property ladder. In five years' time we can only hope that we will have a market which is less hostile and welcomes first time buyers.
add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.

Note: For a free no obligation chat with an independant mortgage specialist about your requirements please complete ourmortgage enquiry form below.

Mortgage, Remortgage or Buy-to-Let Mortgage Enquiry Form

Stop Press: Find the perfect mortgage!
Lending criteria has been relaxed and our specialists can find you great mortgage offers to compare.
Our team do all the work to find you the best offer
We'll help you find the best mortgage for your needs and ensure that everything runs as smoothly as possible.
Deposits required are again falling
The cost of the best deals has dropped recently for those borrowing either 80%, 85% or 90% of their property's value
Independent, searching the whole market
With 1000's of mortgage products available our mortgage brokers will source the mortgage that suits your situation.
Please complete this quick, free enquiry form.


Your Details

Home Buyer Guides

Home Buyer News

Speak with an independant mortgage specialist

About Company is part of the SFN Network of websites. Sitefinders Net Ltd is a U.K based company setup in 1995. Our core business is the development of online businesses using the generic domain name concept. We have a growing portfolio of websites in many different industries such as electronics, finance, retail, seasonal and health.

Privacy Policy

Get in Touch