Boris Johnson announced a third off new homes for first time buyers - but there’s a catch.
The Prime Minister revealed his plan to build his way out of the crisis today in a speech in Dudley - promising to tear up planning regulations and invest £5bn in infrastructure projects.
And he promised a new “first homes” scheme - which is intended to help people get onto the housing ladder.
But there’s very little detail on what the policy will entail - including how much it will cost, what terms will apply, and who the discount will benefit.
Nor have the government said when it will be available.
One thing we do know about the policy is that it will be available to a very small number of people - to start with, anyway.
Just 1,500 homes will be included in the first ‘pilot’ phase of the scheme.
They’ve also said the 30% discount will “remain in perpetuity, keeping them affordable for generations of families to own.”
But they have yet to explain how this will work.
Number 10 say a comprehensive policy paper on the planning system will be released next month.
Mr Johnson said the Government intends to spend £5 billion "to accelerate infrastructure projects".
The announcements included:
- £1.5 billion to be allocated this year to hospital maintenance;
- More than £1 billion for a 10-year school rebuilding programme;
- £100 million to be spent on road projects;
- £900 million for "shovel-ready" local growth projects in England during 2020/21.
The Prime Minister acknowledged "it may seem a bit premature to make a speech now about Britain after Covid" given events in Leicester, where a local lockdown has been imposed.
But "we cannot continue simply to be prisoners of this crisis" and the country "needs to be ready for what may be coming".
"We're waiting as if between the flash of lightning and the thunderclap with our hearts in our mouths for the full economic reverberations to appear," he said.
Chancellor Rishi Sunak will set out a plan to support the economy through the first phase of the recovery next week, Mr Johnson said.
