Chancellor Rishi Sunak delivered today’s Autumn Budget as the UK prepares for a ‘new economy post-Covid’. This comes as the Office of Budget Responsibility (OBR) revised its forecast for economic growth, predicting a return to pre-Covid levels at the turn of the year – around 6 months earlier than suggested back in March of this year.
When it came to housing, the Chancellor confirmed that the Government would be investing more into home ownership, with a ‘multi-year housing settlement’ totalling £24bn.
£11.5bn of this will be used to build up to 180,000 new affordable homes, with 65% of funding to be used outside of London. £1.8bn will go towards building homes on unused or brownfield sites.
£5bn has also been set aside to remove unsafe cladding form the highest-risk buildings, which will be partly funded by the Residential Property Developers Tax – to be levied on developers with profits of over £25m at a rate of 4%.
Autumn Budget announcement