We look forward to the promised white paper on housing mentioned by the Chancellor in his Autumn Statement last week.
London is sparsely populated compared with most capital cities, so there is tremendous potential to increase housing supply. Earlier this month, official figures indicated that the number of affordable homes being built in England had sunk to its lowest level in 24 years. Affordability and undersupply pressures are greatest in London, so we at Dexters hope that more will be done to tackle these issues in the coming months.
Philip Hammond said £2.3bn would be spent on infrastructure - such as roads - related to housing developments. The chancellor said the money would support the building of up to 100,000 new homes. The government has also agreed to spend an extra £1.4bn on affordable housing in England. This could lead to 40,000 more affordable homes being built. The money will top up the existing £4.7bn being spent on grants for affordable housing over the next five years.