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Chancellor to outline plans to build 400,000 new homes

The measures will include building 200,000 new starter homes. Credit: PA

The Chancellor is expected to outline plans to build 400,000 new homes in England during his Autumn Statement on Wednesday.

George Osborne will pledge to "turn generation rent into generation buy" through the largest affordable housebuilding programme in more than 30 years.

The measures will include 200,000 new starter homes with a 20% discount for first-time buyers under 40 and 135,000 Help to Buy shared ownership homes.

The Government will also help create 10,000 homes that will be available to rent at around 20% below the market rent to allow tenants to save for a deposit, as well as 8,000 specialist homes for older residents and people with disabilities.

Mr Osborne is expected to say: "In the end, spending reviews like this come down to choices about what your priorities are. And I am clear: in this Spending Review, we choose housing. Above all, we choose homes that people can buy."



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ITV News economics editor Richard Edgar reports:

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