George Osborne spurs house builders to deliver 400,000 homes

Chancellor George Osborne has unvailed new plans in the Autumn Statement that will pave the way for building thousands of new homes and boost the construction trades.

The Autumn Statement and Spending Review is set to deliver £20 billion of cuts to Whitehall budgets but also start the biggest affordable housebuilding programme since the 1970s.

The Chancellor unveiled a total housing package of nearly £6.9 billion.

This will see plans to more than double present levels of affordable housing programme grant, presently running at around £900 million a year.

Up to £4 billion will be channeled into building 135,000 “Help to Buy: Shared Ownership” homes for households earning less than £80,000.

A further £2.3 billion will be paid to house builders to subsidise the construction of 200,000 starter homes — properties for sale to first-time buyers at a 20% discount to their market value.

And £400 million will be allocated to help build 8,000 specialist homes for older people or those with disabilities.