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Autumn Budget: housing

£11.5bn to construct 180,000 affordable homes

Stewart Milne - housing and housebuilding

Housing: investment

Up to 180,000 affordable homes are set to be built on brownfield sites as part of the UK Government’s investment in housing.

Rishi Sunak announced a “multi-year housing settlement” of nearly £24bn in his Autumn Budget, the largest cash investment in a decade according to the Chancellor.

£11.5bn of these funds will go towards the construction of affordable homes, with the focus trained on developing brownfield sites.

“We are investing more in housing and homeownership with a multi-year settlement totalling nearly £24bn,” he said.

“The government will provide £11.5bn to build up to the 180,000 new, affordable homes the country needs annually, 20% larger than the previous programme.

“We are investing an extra £1.8bn, enough to bring 1500 hectares of brownfield land into use, meet our commitment to invest £10bn in new housing and unlock a million new homes.”

Mr Sunak also confirmed funds are to be allocated to improve the safety of buildings at the highest risk from dangerous cladding.

£5bn is to be made available to remove unsafe cladding from those buildings identified as at-risk, the move being partly funded by the Residential Property Developers Tax. This will be levied on developers with profits over £25m at a rate of 4%.

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