Autumn Statement: 40,000 new homes promised

40,000 new homes on their way – that was a good start to The Chancellor’s Autumn Statement. The Government has, again, increased its drive for more affordable housing to help to address what he described as a chronic shortage. The Chancellor echoed the pledge by Theresa May, the Prime Minister, to ensure the economy “works for everyone.” Philip Hammond said that the Government had made great efforts but now must go even further, announcing a further £1.4bn funding injection to help thousands more families to buy a home. The Government says that 40,000 new homes will be built as a result of the funding injection, which, with the Help to Buy Equity Loan Scheme and the Help to Buy ISA, will be used to help first-time buyers, sharing owners who wish to move on. He said that they will abandon the rigid framework set by the current Affordable Homes Programme, with the £4.3bn of current and £1.4bn of additional funding allocated “flexibly” between existing shared ownership and affordable rent schemes. Previous plans indicated that 88pc of funds would be used to build at least 135,000 homes for shared ownership, which are targeted at families with incomes of £80,000 or less,…