George Osborne has announced new home building measures as part of this year’s Budget.
The Budget, which the chancellor will deliver on Wednesday, is set to include a range of measures which will help provide new homes for the people of London.
The controversial Help to Buy scheme, which allows first-time buyers to get on the property ladder with just a 5% deposit, is set to be extended until the end of the decade. This would help finance the building of 20,000 homes, according to the chancellor.
However, this applies only to the first part of the scheme – for new build homes. Those wishing to take advantage of the part of the scheme which allows them to buy existing properties might need to act fast, as Osborne has not extended it.
The chancellor also announced plans for a new “garden city” at Ebbsfleet in Kent, which is part of the Thames Gateway.
A total of 15,000 new homes are set to be built there, surrounded by green space – hence the “garden city” label – and built in the style of 20th century projects Welwyn Garden City and Letchworth.