CHANCELLOR George Osborne yesterday revealed a five-fold increase in funding for build-to rent schemes and promised extra funds to build 15,000 more affordable homes as part of a series of measures to kick-start the housing market.
In his Budget statement, Osborne said the £200m build-to-rent fund announced in December’s Autumn Statement was “significantly oversubscribed” and will be expanded to £1bn to boost the building of privately-rented homes.
This was announced alongside plans to double the affordable homes guarantee programme from £225m to £450m, to support a further 15,000 affordable homes starting in England by 2015.
The chancellor also confirmed the major extension of the Right To Buy scheme, raising the discount on tenants buying their homes in London from £75,000 to £100,000.
Yesterday’s Budget also raised hopes for some life being brought back into Britain’s high streets.
The British Property Federation said it welcomed the news that the government would consult on allowing empty shops to be converted into residential without the need for planning permission.