The £3bn Home Building fund will continue to provide support to independent builders, in an effort to break up the monopoly of the ten big building companies.
This aims to create more than 25,000 new homes during this Parliament and up to 225,000 in the longer term.
For renters, the government reaffirmed its commitment to affordable rent-to-buy homes, and pledged to work with the British Property Federation and National Housing Federation to make longer-term tenancies more widely available to families across the country.
However, Dan Lewis, senior infrastructure policy adviser at the Institute of Directors, said that these measures don’t go far enough.
“We would have liked to see bolder ideas, like making councils compete with each other to get planning fees from developers,” he said. “Decisions would still be made by elected councillors, but house builders wouldn’t be needlessly held up by over-stretched planning departments.
“The government also needs to acknowledge that new building is only a part of the solution. Many more properties would be available to buy if we reduced inheritance tax, capital gains tax and stamp duty.”