How will the 2018 Budget affect Housing & Development?

Following the Chancellor’s most recent Budget announcement, we have been looking into what this will mean for one of our key sectors, Housing & Development.

 

Universal Credit
Firstly, the Chancellor announced a £1,000 rise in the work allowance for families with children and people with disabilities. This is the amount a household is allowed to earn before their Universal Credit award begins to be reduced to take account of their other income. The government estimates that this will make 2.4 million households £630 a year better off.

Local authorities

Secondly, there was confirmation that local authority borrowing caps will be abolished immediately in England and as soon as possible in Wales. This was first announced by Theresa May at the Conservative Party conference. Government estimates that the measure will lead to 10,000 new homes per year in England, with councils already making plans to build more homes because of this.

Extra investment

It was announced that there will be extra investment in new homes, including an additional £500 million for the Housing Infrastructure Fund.

Strategic partnerships

The Budget also announced the extension of strategic partnerships between Homes England and nine housing associations, which has been welcomed by the housing sector. The Chartered Institute of Housing stated that the extension of these partnerships is “confirmation that government is adopting a strategic approach to meeting national housing need”.

 

How will these changes affect your residents? Will they help families who are struggling to find and afford somewhere to live? We can help you understand what residents think, and what type of affordable housing they want.

To find out more about M·E·L Research’s work in Housing & Development, click here.

MRS Evidence Matters