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New Homes Bonus details announced

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Housing minister Grant Shapps has today announced details of the New Homes Bonus.

Nearly £1 billion will be set aside for the bonus in the next four years, £196 million of which will be for this year (2011-2012). The government will match the council tax raised from new homes for the first six years, which - it says - works out at more than £9,000 for each Band D home over the full period. The bonus for affordable housing will be 36% higher, so averaging almost £11,000 for a Band D affordable home.

The government calculates 326 local authorities will receive a share of the £196 million for increasing the housing stock by 150,000 homes this year.

Source: Housebuilder

See Also: Property News (6701), Grant Shapps (23), Housing Minister (16), New Homes Bonus (7), Housebuilder (84), Affordable Home (1)