From a cessation of letting agent fees to £1.4 billion earmarked for affordable homes, the Autumn 2016 statement has an impact on several fronts.
- £3.15b reserved for 90,000 new London homes
This is the highest investment that City Hall has ever secured for housing, but Mayor Sadiq Khan warned London residents that the process would involve a long haul and wouldn't provide a quick fix. The money will be used for housing tenures (including properties rented at below market value for lower-income residents) and homes available for rent at a maximum of one-third of average household income for middle-income Londoners.
There will also be an increase in shared-ownership properties for those who can’t yet afford to buy on the open market.
- £1.4b is being dedicated to the construction of 40,000 affordable homes
This initiative recognises the difficulties faced by first-home homebuyers attempting to save large deposits. Property experts welcome the assistance, but warn that too many new homes are needed for the scheme to be successful. Mark Hayward, National Association of Estate Agents managing director, said that the details in the upcoming housing market white paper will be important.