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| Letchworth - The UK's First Garden City |
Tomorrow is Budget Day and, as usual, the weekend press devoted many column inches to pre-budget speculation. With only 15 months to go until the next General Election, George Osborne’s Budget strategy is, unsurprisingly, the subject of intense scrutiny.
Two announcements really caught my eye: Osborne’s pledge to extend the equity loan element of the Help to Buy Scheme and his commitment to develop a new Garden City at Ebbsfleet in Kent.
Both initiatives are aimed squarely at the housing developers. The first part of Help to Buy, the equity loan scheme, is available only to buyers of new builds. By placing a further £6bn into that element of the programme and extending its life out to 2020 Osborne is hoping to boost the development of 120,000 new homes
A further investment of £200m at Ebbsfleet, located on the high speed rail line out to Ashford, is intended to provide up to 15,000 new homes. The first such initiative in almost 100 years, the scheme will redevelop existing brownfield sites and is intended to provide affordable housing for the South-East.