Look out for the Chancellor’s Spring Budget next Wednesday

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Next Wednesday, Jeremy Hunt will deliver the 2024 Spring Budget following numerous calls for tax cuts from within his own party. There have been relatively few rumored policy announcements in the housing space, short of the government potentially providing greater support for prospective homeowners with mortgages.

The Northern Housing Consortium submitted its representation to HM Treasury in the run-up to the Budget, calling for the government to:

  • Commit to a post-2026 Affordable Homes Programme that provides certainty to housing providers and a level of funding that can meet independently assessed need for affordable housing.
  • Permanently link Local Housing Allowance (LHA) rates to the 30th percentile of local market rents.
  • Set out a clear expenditure profile and timeline for future waves of the Social Housing Decarbonisation Fund.
  • Make a long-term commitment of £6 billion per year across all housing tenures for domestic retrofit.
  • Consult with the housing sector and establish a new Decent Homes Standard, with proportionate levels of financial assistance for landlords to support expanded home improvement programmes.
  • Provide additional funds to local authorities to increase capacity within their housing enforcement teams, and effectively ensure the enforcement of the Decent Homes Standard to the private rental sector.
  • Devolve housing-related funding streams, granting greater flexibility around their delivery to Mayoral Combined Authorities and local authorities.

The NHC will be providing a full on-the-day briefing covering all announcements made related to housing, planning and rebalancing which will be in your inbox shortly after the Chancellor makes his speech.