Budget 2024: Key housing measures at-a-glance

Key housing measures at-glance

• £240m to unlock up to 7,200 homes in Barking and a new life sciences hub and up to 750 homes in Canary Wharf
• £20 million investment in social finance to build up to 3,000 community-led homes and improve capacity of local groups
• £4m for the Euston Housing Delivery Group to support plans to deliver up to 10,000 new homes around the HS2 terminus
• Confirmation that a new development corporation in Cambridge will receive funding from the next spending review, plus £10.2 million to support the Cambridge Biomedical Campus
• A second round of the Local Nutrient Mitigation Fund, designed to help restart schemes totalling 30,000 homes stalled by the nutrient neutrality crisis
• A change to Capital Gains Tax designed to support the housing market, cutting the higher rate for residential property disposals from 28% to 24%.
• £3m to match industry funding for a programme to attract more planners to take up roles in local authorities
• Abolition of Multiple Dwellings Relief, a bulk purchase relief in the Stamp Duty Land Tax regime

A Fair Deal for Housing

Housing Today’s A Fair Deal for Housing campaign is calling for the government to launch a review  to look how to increase affordable housing delivery to 100,000 homes a year.

This should consider overhauling existing funding for affordable housing so that a more ambitious programme can be delivered. 

The report suggests the review could look at grant rates for affordable housing, a longer-term rent settlement for social housing providers, a time-limited stimulus package to counteract the high cost of private funding and at mechanisms to lever in more institutional finance for ‘for-profit’ registered providers.

The campaign is also caling for measures to reform the planning system, boost private housing delivery and make regeneration easier.

Click here to read more about the campaign