The government has indicated it will publish an action plan this week to explain how it is going to implement policies to solve the country’s current housing shortage.
Announced at the weekend the Department of Communities and Local Government assured the action plan “early” this week, apparently ahead of the Budget to be unveiled by Chancellor George Osborne this afternoon.
The DCLG main intentions are as follows:
- Help To Buy – to be extended until 2020;
- Starter Homes – 200,000 to be built over the next five years, entirely for first time buyers under the age of 40 and sold with a 20% discount on open market values. Some 58,000 people have already signed up for this.
- Right To Buy – to be extended to housing association tenants with a discount of up to 70%.
- Self-Build – doubling the number of custom built and self-built homes by 2020 by placing a new duty on councils to help allocate land to people who want to build their own home;
- Public Sector Land – a pledge to bring forward enough public sector land for 150,000 homes over the next five years;
- ‘Unlocking Land’ – the government says there is enough brownfield land available for 400,000 homes so can as it can unlock sites. There is an existing commitment to ensure planning permission is in place on 90 per cent of suitable brownfield sites by 2020;
Further unspecified planning reforms “we will also take action on councils that have failed to produce a plan for the homes their community needs – ensuring plans are written for those areas” says a DCLG statement.
All eyes will be on Mr Osborne to bring these plans to action, and potential landlords will have to wait and see what this means for them now that tax reforms may be taken.