Laura Sharman 29 October 2018

Budget 2018: HRA cap officially scrapped

Budget 2018: HRA cap officially scrapped image

The Housing Revenue Account (HRA) borrowing cap has been officially abolished today, allowing councils to build up to 10,000 homes a year.

The scrapping of the cap, which was announced earlier this month by prime minister Theresa May, could enable councils to take on between £10-15bn in extra debt according to Savills.

The chancellor also used his Budget speech to allocated an further £500m to the Housing Infrastructure Fund to unlock 650,000 homes.

Mr Hammond also outlined plans for the next wave of strategic partnerships with nine housing associations to help deliver an additional 13,000 homes.

Up to 500 neighbourhoods will also be ‘empowered’ to help local people buy homes at a discounted rate.

He said: 'We’re providing funding to empower up to 500 neighbourhoods to allocate or permission land for housing, through the neighbourhood planning system, for sale at a discount to local people in perpetuity.'

SIGN UP
For your free daily news bulletin
Highways jobs

Service Manager - Children in Care

Pembrokeshire County Council
£46,514 - £48,412
The successful candidate will need to be able to manage a large number of competing and at times conflicting priorities, whilst... Pembrokeshire (Sir Benfro)
Recuriter: Pembrokeshire County Council

Neighbourhood Services Divisional Manager

Northumberland County Council
£60,253
You will provide professional and technical advice on all Neighbourhood Services functions. As an effective leader you will coordinate and manage... Northumberland
Recuriter: Northumberland County Council

Service Fulfilment Analyst (IT Technician)

Essex County Council
£24001.0 - £28280 per annum + plus benefits
Please note this is a 6 month, fixed term contract / secondment opportunity. Essex County Council (ECC) is one of the largest and most dynamic local a England, Essex, Chelmsford
Recuriter: Essex County Council

Team Manager - Adoption South Essex

Essex County Council
£46001.0 - £57000.0 per annum
Essex County Council (ECC) is one of the largest and most dynamic local authorities in the UK, serving a population of 2 million residents, and has a England, Essex, Basildon
Recuriter: Essex County Council

Social Worker - Family Support & Protection

Essex County Council
Negotiable
We are one of the most effective and progressive Children and Families Service in the country. Our vision is to support families through strengths bas England, Essex, Basildon
Recuriter: Essex County Council

Public Property

Latest issue - Public Property News

This issue of Public Property examines how public sector organisations can unlock the hidden value in their land, and why a new approach to construction could help boost the outcomes of the Government’s One Public Estate programme.

The December issue also considers why learnings from ancient cities could provide the key to promoting wellbeing in the modern built environment. It also contains a case study on how the London Borough of Westminster has provided high quality care for the elderly alongside a block of luxury apartments.

Register for your free digital issue