Autumn statement: Osborne announces “largest housebuilding programme since 1970s”

Osborne doubles house building budget and pledges 400,000 new homes

Ahead of the Autumn Statement, George Osborne has said that the government will double the housebuilding budget in a bid to end the “crisis of home ownership in our country”.

This will see Osborne pledge £7bn to house building to create 400,000 new homes by 2020.

Over £2bn will be given to developers to build “starter homes”, the Telegraph reports, which will be aimed at young families looking to buy their first house and who will be given a 20% discount on homes under £450,000 in London and £250,000 everywhere else.

The Treasury described the pledge as “the biggest affordable housebuilding programme since the 1970s”.

A further £4bn will go towards the construction of 135,000 “Help to Buy: Shared Ownership” homes for those earning below £80,000 a year and £90,000 in London.

Labour’s shadow housing minister John Healey isn’t impressed by Osborne’s promises however. He said: “If hot air built homes, then Conservative ministers would have our housing crisis sorted.”

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