Philip Hammond has delivered his third Budget as chancellor.
These are the top ten benefits to the UK property market announced in the Autumn Budget yesterday:
- £1bn of funding to the British Business Bank for smaller house-builders
- £653m to finance strategic partnerships with biggest housing associations to deliver over 13,000 new homes
- Additional £500m to take the Housing Infrastructure Fund to £5.5bn & unlock 650,000 homes
- Funding provided for local areas to deliver homes at a discount in perpetuity through parishes and neighbourhoods encouraged to set up Community Land Trusts to build homes for sale
- New Permitted Development Rights for upward extensions & to allow commercial buildings to be converted to housing
- Help to Buy extended by 2 years until March 2023. Encouragement for a ‘new wave’ of shared ownership homes
- Retailers with a rateable value of £51,000 or less will have bill cut by 1/3 for the next two years up to revaluation·
- A Future High Streets Fund of £675 million to invest in infrastructure etc
- Proposals for business led development corporations
|Philip Challinor is the Chairman of Houseprice.AI and was part of the architects team at Denning Male Polisano who helped convert Highbury, the former home of Arsenal FC into 700 homes for local people.|
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