Budget 2024: all the housing and property announcements

From affordable housing to stamp duty, here are the Labour Budget announcements set to impact London renters and homebuyers.

Transcript

00:00We committed, in our manifesto, to build 1.5 million homes over the course of this Parliament.

00:07My right hon. Friend the Deputy Prime Minister is driving that work forward across Government.

00:13Today I am providing over £5 billion of Government investment to deliver our plans on housing

00:20next year. We will increase the affordable homes programme to £3.1 billion, delivering

00:28thousands of new homes. We will provide £3 billion-worth of support in guarantees to

00:35boost the supply of homes and support our small housebuilders. And we will provide investment

00:43to renovate sites across our country, including at Liverpool Central Docks, where we will

00:48deliver 2,000 new homes, and funding to help Cambridge realise its full growth potential.

00:57Alongside this investment, we will put the right policies in place to increase the supply

01:02of affordable housing. Having heard representations from local authorities, social housing providers

01:12and from Shelter, I can today confirm that the Government will reduce right-to-buy discounts

01:18and local authorities will be able to retain the full receipts from any sale of social

01:24housing, so that we can reinvest them back into the housing stock and into new supply.

01:32By doing this, we will give more people a safe, secure and affordable place to live.

01:41We will provide stability to social housing providers, with a social housing rent settlement

01:46of CPI plus 1% for the next five years. And we will deliver on our manifesto commitment

01:53to hire hundreds of new planning officers to get Britain building again.

02:00We will also make progress on our commitment to accelerate the remediation of homes following

02:06the findings of the Grenfell inquiry, with £1 billion of investment to remove dangerous

02:14cladding next year.