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Housing crisis shake-up could be planned for Autumn Budget, Javid hints

The Communities Secretary says we should "absolutely be considering" using "record-low interest rates" to build more homes.

MIDDLEWICH, ENGLAND - MAY 20:  Construction workers build new houses on a housing development on May 20, 2014 in Middlewich, England. Official figures have shown that house prices have risen by 8% in the year ending in March. There have been calls by some experts for the UK Help to Buy scheme to scaled down as it boosts the property market.  (Photo by Christopher Furlong/Getty Images)
Image: Record low numbers of young people own their own home
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A minister has called for more borrowing to solve the UK's housing crisis, in a hint at measures in next month's Budget.

Communities Secretary Sajid Javid said the Government should "absolutely be considering" using "record-low interest rates" to build more homes.

In a significant departure from party policy, he told the BBC's Andrew Marr Show: "What I want to do is make sure we're using everything I have available to deal with the housing crisis.

"Where that means, for example, we can sensibly borrow more to invest in the infrastructure that leads to more housing, take advantage of some of the record low interest rates that we have, I think we should absolutely be considering that...

Britain's Communities and Local Government Secretary Sajid Javid
Image: Sajid Javid said up to 300,000 homes a year should be built

"We have to continue to be bold in this area. We set out some measures during the conference but there is a lot more to do.

"This is one of the biggest barriers to social progress in this country."

He called for between 250,000 and 300,000 new houses to be built every year to fix the issue failed on by "successive governments".

More on Housing

And in an act of either public lobbying or hint-dropping, Mr Javid was coy about Chancellor Philip Hammond's plans for the Autumn Budget.

Chancellor of the Exchequer Philip Hammond holds the budget box up to the media as he leaves 11 Downing Street on March 8, 2017 in London, England
Image: Mr Javid was coy about the Chancellor's plans for the Autumn Budget

Asked if Mr Hammond supported it, the Bromsgrove MP said: "Let's wait and see what happens in the Budget."

But Labour hit back, with shadow housing secretary John Healey saying: "If hot air built homes, ministers would have fixed our housing crisis.

"Any promise of new investment is welcome, but the reality is spending on new affordable homes has been slashed since 2010 so new affordable housebuilding is at a 24 year low.

"Rather than set more targets they can't meet, ministers should back Labour's plan to build 100,000 genuinely affordable homes a year, including the biggest council housebuilding programme in more than 30 years."

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The Government is likely to be planning policies to win back young voters, who largely voted for Labour in the snap 2017 General Election.

Earlier this month, Prime Minister Theresa May announced to be spent on new homes before 2021.

She used her Tory conference speech to highlight how just 38% of those aged 25-34 own their own home, compared to 59% just over a decade ago.