The Government's Action on House Prices, published last year, and Action on the Housing Market which was published in March of this year, involve a balanced range of measures to increase the supply of housing, reduce overheating in the market and assist first-time house buyers. The important measures taken which are of direct benefit to first-time buyers include reductions in stamp duty rates, particularly at lower house price levels, significant improvements to the terms of the shared ownership scheme and the introduction of a new affordable housing scheme. The new affordable housing scheme is designed to provide houses at prices that would be less than the market price for comparable new houses in centres where house price increases have created an affordability gap for lower income purchasers. A grant of £3,000 continues to be available to first-time purchasers of new houses.
In addition, with regard to social housing needs the new multi-annual local authority housing programme will provide for 22,000 local authority housing starts over the next four years. I also recently announced significant improvements to the terms and conditions of the voluntary housing schemes. This was the third time in two years that I have improved the voluntary schemes and I am confident that this will enable output from the sector to increase to some 4,000 units per annum over the coming years.
The inclusion of housing in the national development plan for the first time and the provision of substantial funding for housing and related infrastructure is evidence of the Government's commitment to meet the needs for social and affordable housing in the coming years.
In overall terms I expect that social housing provision through the range of schemes will expand to meet the needs of some 50,000 households over the next four years.