Budget 2020: Housing Overview
Today, Chancellor Rishi Sunak delivered his first Budget in the House of Commons, announcing the government’s spending plans for the year ahead. The Budget speech included a number of key housing announcements. Highlights include:
- A new Affordable Homes Programme which will receive a £12bn multi-year settlement.
- A £1bn Building Safety Fund to remove all unsafe combustible cladding from public and private housing higher than 18 metres.
- £650m of funding to help rough sleepers into permanent accommodation, providing an extra 6,000 places for rough sleepers.
- £400m for regional mayors to build homes on brownfield sites.
- A 1% cut on the Public Works Loan Board interest rate, used by local authorities to fund housebuilding.
- Communities hit by flooding will get a share of £120m to shore up existing defences and repair properties damaged during the winter months. An extra £200m will also be available to build flood resilience for communities that are repeatedly affected.
- Stamp Duty surcharge for foreign buyers of properties in England and Northern Ireland to be levied at 2% from April 2021.
Sunak also confirmed that the housing secretary, Robert Jenrick, will be setting out a comprehensive reform on Thursday 12th March – more information to follow.