06 MAR 2024
A Budget for Housing March 2024
The Housing & Finance Institute urges a "Budget for Housing" to solve Britain's Housing Crisis
The Housing and Finance Institute has called for the Chancellor to make this budget a "Budget for Housing" to solve Britain's Housing Crisis.
The cross-party institute has set out a twelve-point plan to reset, recharge and deliver the homes Britain needs.
Access the Report here: Budget for Housing 2024 Report
The plan sets out how more homes can be built with measures including:
- a new range of mortgage deposit schemes to help first time buyers and families buy new build homes including a deposit advance government loan, government deposit guarantee and pension contribution flexibility.
- a presumption to build on disused "Brownbelt" land in the greenbelt
- planning permission in principle to be extended from conservatories and extensions to smaller sites and building conversions
- reward councils for supporting housebuilding with at least a doubling of the New Homes Bonus to get more homes built
- build 100,000 new affordable homes at pace to tackle temporary housing and waiting lists.
The Housing & Finance Insitute Plan would boost the economy by £15 Billion, while cutting the costs to councils and the Government by over £3 Billion a year - measures to "power up the councils". Rewarding councils for housebuilding, modernising right to buy and making it fairer as well as making it easier for councils to work with private institutional investors to build more homes.
Introducing the report, Sir Steve Bullock DL, Chair of the Housing & Finance Institute said:
"From homelessness and affordable housing to home ownership and house building, the housing crisis is getting worse. The measures in this report are practical steps that can be taken in the Budget to end the housing crisis. That includes building more homes, including on disused Brownbelt land, and rewarding councils that deliver the homes we need.
"We cannot afford to have another missed opportunity. The action and practical steps set out in this Housing & Finance Institute paper will reset, recharge and deliver for Britain and house the nation."
Natalie Elphicke OBE MP, the HFi's head of housing delivery said:
"A Budget for Housing is needed to solve the housing crisis. This twelve-point plan sets out how to deliver the housing Britain needs.
"Building 100,000 new affordable home to tackle temporary housing would not only be the fair and compassionate thing to do - it would turbocharge the economy while saving the taxpayer over £3billion a year. It would be good for the homeless, good for the economy and good for the public finances too.
"There's no excuse for inaction on delivering the homes that are needed. There is already public money available, it just needs to be spent better to deliver new homes. With these HFi proposals, this budget could be a Budget for Housing to solve Britain's housing crisis."
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