Chancellor Philip Hammond has said he will unveil plans to build 300,000 new homes a year in Wednesday’s Budget
Speaking on the BBC’s Andrew Marr Show yesterday (19 November), the chancellor said: ‘We’ve got to be sustainably delivering around 300,000 homes a year on average across the housing cycle’.
But he admitted the target was a ‘big step up from where we are now’, adding: ‘There is no single magic bullet and it’s certainly not just about pouring money in, because if you pour money in without fixing the other elements of the supply you will simply create more house-price inflation.’
Hammond also said that the government was ‘delivering homes at record numbers – 217,000 in the last year reported this week’. He was referring to new figures released by the Department for Communities and Local Government, which showed 217,350 net additional homes were delivered in 2016/17, of which 183,570 were new build.
The government has set itself a target of building one million new homes by 2020.
Meanwhile, London mayor Sadiq Khan and 21 London boroughs have written to the chancellor ahead of the Budget, urging the government to give the capital the investment and power to build ‘genuinely’ affordable homes and new council housing.
Khan described the mid-week announcement as the ‘most important budget for London for a generation’, and presented Hammond with an opportunity to show ‘he is serious about joining us in helping more Londoners secure a decent, affordable home.’
He added: ‘We want to build more affordable homes, including new council housing – and Londoners are desperate for us to do so. But we urgently need government to play its part by giving the capital the resources, powers, and freedoms we need to underpin a step change in what we can do.’
Last year, the mayor secured £3.15 billion from the government to start building 90,000 affordable homes by 2021.