Spending Review: Government commits to 400,000 affordable homes by 2020/21

Chancellor George Osborne has pledged that the government will deliver 400,000 affordable housing starts across various tenures by 2020/21, with funding channelled towards home ownership products.

New Homes: new 400,000 affordable homes target announced
New Homes: new 400,000 affordable homes target announced

A document published alongside Osborne’s Spending Review and Autumn Statement said the review prioritised housing "by doubling the housing budget from 2018/19".

"It sets out the most ambitious plan since the 1970s to build homes that support working people in their aim to buy their own home", the document said.

The Spending Review includes a commitment to 400,000 affordable housing starts by 2020/21, "focussed on low cost home ownership."

This will include the 200,000 Starter Homes previously announced by the government and 135,000 "Help to Buy: Shared Ownership homes, which will allow more people to buy a share in their home and buy more shares over time, as they can afford to."

The document said that the scheme "will be open to all households earning less than £80,000 outside London and £90,000 in London, and will relax and remove previous restrictions such as local authorities’ rights to set additional eligibility criteria".

The document also said the target will include 10,000 homes "that will allow a tenant to save for a deposit while they rent" and at least 8,000 specialist homes for older people and people with disabilities.

It said that this will be "in addition to 50,000 affordable homes from existing commitments".

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