Spring Statement: Hammond reveals where taxpayers’ billions are being spent on extra homes

Philip Hammond updated MPs during his Spring Statement today about the government’s progress towards building more homes in the UK and revealed where and how part of the £44 billion committed to the effort is now being spent. This includes £4.1 billion being distributed to 44 “forward thinking” local authorities via the government’s Housing Infrastructure Fund to help build more homes, and that £220 million is to be spent on supporting small house builders. Also, London is to have £1.67 billion to spend on 27,000 additional affordable homes by 2020/21. First time buyers The Chancellor also said that 60,000 first time buyers had been helped on to the property ladder so far by his Stamp Duty changes in last year’s Autumn Budget, which abolished the duty for homes bought by first timers under £300,000. Philip Hammond also referred to the work of Oliver Letwin MP, who is leading a government investigation into why it takes so long for homes to be built. House building delays In a letter deposited in the Commons Library, he reveals that his initial investigations blames the ‘build out’ stage rather than land banking, which many affordable homes campaigners believe is the real culprit. Instead, Letwin…