Budget 2017 briefing

The Budget on Wednesday 22 November contained a number of announcements relating to housing.

24 November 2017

The headline announcement was undoubtedly the key changes to the operation of Universal Credit, including advance payments and the removal of the seven-day waiting time, which will make a huge difference to the thousands of tenants struggling on Universal Credit.

The Chancellor also announced details of the Government’s housing programme, which includes £15.3bn of new investment and support, and a renewed focus on ensuring the planning system supports the delivery of the new homes we need.

The rent settlement from 2020, an additional £2bn for affordable housing, and the scrapping of the LHA cap that we had been calling for had already been announced prior to the Budget, but disappointingly there was no action from the Government on access to land.

The Government’s intention to proceed with a large-scale regional pilot of the Voluntary Right to Buy scheme in the Midlands was also confirmed through this budget.

Our briefing covers the economic outlook along with the key housing measures and their implications.