In today’s (22nd November) Autumn Statement, the chancellor of the exchequer Jeremy Hunt announced the extension of the Mortgage Guarantee Scheme for a further 18 months until June 2025.
The aim of the measure is to allow prospective borrowers to buy a home with a smaller deposit.
Hunt also announced his plans to raise Local Housing Allowance rates to the 30th percentile of the local market rents.
The new measure aims to support 1.6 million low-income households by saving them around £800 per month on average in 2024-25.
Additionally, Hunt announced plans to consult on a new PDR to allow houses to be converted into two flats, provided the exterior is not affected.
