Chancellor pledges £44bn to help build 300,000 new homes

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The Chancellor has pledged at least £44bn over the next five years to help boost housing supply and meet its target of 300,000 new homes a year.

Philip Hammond, delivering his Budget today, says the £44bn figure will be made up of capital funding, loans and guarantees.

The figure will incorporate an extra £2.7bn for the Housing infrastructure Fund.

The Government has also earmarked £8bn in guarantees to support private hoiuse building and £34m to develop construction workforce skills.

£400m has been given to rejuvenate estates.

The Chancellor had previously announced proposals to increase housebuilding figures last weekend.

At the time, Hammond said the Government would use “powers of state” to get more homes built.

The Chancellor said the country was currently building 217,350 homes a year, but that more were needed.

However, Hammond said the Government would not just “pour money” into the problem, and that there was no one solution to the undersupply of homes.

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