May scraps cap on council borrowing to build - property reacts

Theresa May NHF Conference 2 c Flickr Number 10

Theresa May has said the government will lift the cap on how much money councils can borrow to build new homes in her keynote speech to the Conservative Party Conference in Birmingham.

The prime minister acknowledged that councils had made a big contribution to housing “the last time Britain was building enough homes” but that the borrowing cap was now “holding many of them back”.

“Solving the housing crisis is the biggest domestic policy challenge of our generation,” May said. “It doesn’t make sense to stop councils from playing their part in solving it. So today I can announce that we are scrapping that cap.”

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