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The housing measures announced in the Budget made the headlines in most newspapers. This is because housing is a key policy area for all political parties and both relevant and understandable to voters who have heard Phillip Hammond say he wants to build 300,000 new homes.
So looking at where the £15bn has been allocated we see the following:
Along with others we argued that if borrowing constraints are removed or relaxed this will allow local authorities the freedom to increase their borrowing and therefore increase their capacity to build. Not all local authorities will want this freedom or have demand pressures that require them to build, but for those that do the ability to provide more homes is important.
We don’t have full details of the conditions around the relaxing of the cap and appreciate that it will not be a benefit evenly distributed within the local authority sector as the high demand conditions would suggest a south east centric focus. But let’s enjoy this small success as it does mean the door is now slightly open and we can continue to push.