Mr Osborne said in the Budget that fund would regenerate housing estates across the UK and the Budget document showed that the fund would offer £150 million of loans it says will 'boost housing supply.'
Tonia Secker, housing and regeneration partner at law firm Trowers & Hamlins, said: "The chancellor has referred to the establishment of a £150 million fund to kick-start the regeneration of large housing estates through repayable loans from private sector developers. It is unclear as to what aspects of estate regeneration the fund is intended to address, and we look forward to seeing the detailed proposals for this area of housing, which has struggled to receive investment in recent years."
Mr Osborne said that the increase in house building is 'not enough' and announced an extra £150 million for the 'right to build' self build fund.
Mr Osborne also spoke about the development of new homes in Barking Riverside, upt o 11,000 new homes, and a regeneration of Brent Cross.
The chancellor concluded the house building section of the budget with: "Taken all together, the housing policies I announce today will support over 200,000 new homes for families."
Missed opportunity
David Orr, National Housing Federation chief executive, branded the Budget a 'missed opportunity'.
"We welcome the chancellor's focus on housing and the announcement of a new garden city, but we think the Budget is a missed opportunity," he said.
"Measures like help to buy are likely to stimulate demand for housing but the Budget does not go far enough to boost the supply of homes needed to meet that demand."
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