Government announces a Help to Build fund for custom and self-builders
The Spending Review 2020, revealed by Chancellor Rishi Sunak today (Wednesday 25 November), provides nearly £20 billion in multi-year capital investment to underpin the Government’s housing strategy.
Sunak announced a National Home Building Fund (NHBF), with initial funding of £7.1 billion over the next four years to unlock up to 860,000 homes, including:
• “confirming £4.8 billion of capital grant funding, including for land remediation, infrastructure investment, and land assembly”
• “delivery of the Brownfield Fund, announced at Budget 2020 for Mayoral Combined Authorities (MCAs)”
• “an additional £100 million for non-Mayoral Combined Authorities in 2021-22 to support housing delivery and regeneration, including unlocking brownfield sites, regenerating estates and releasing public sector land – including serviced plots for self and custom builders”
• “£2.2 billion of new loan finance to support housebuilders across the country. This includes delivering Help to Build for custom and self-builders, and funding for SMEs and modern methods of construction”
• “further funding for the NHBF will be confirmed at the next multi-year spending review, delivering on the government’s commitment to provide £10 billion to unlock homes through provision of infrastructure”
The reconfirmation of £12.2 billion for the Affordable Homes Programme (AHP). The new AHP will deliver up to 180,000 new homes for affordable homeownership and rent, with a greater proportion outside of London than the previous programme.
More information can be found at: gov.uk
