Summary of Key Announcements relevant to Housing

• The government is going to save £7bn a year from spending on welfare and benefits by 2014-15.
• The Universal Credit (UC) will replace the current system of means tested working age benefits and tax credits.
• Household benefit payments for couples and lone parent households will be capped at around £500 per week from 2013 with single adult households being capped at around £350 per week (DLA claimants, War Widows and working tax credit recipients will be exemptions from the cap)
• The age threshold for the Shared Room Rate in Housing Benefit will be increased from 25 to 35
• A one-year time limit will be introduced for contributory Employment and Support Allowance for those in the Work Related Activity Group
• Temporary changes to the Support for Mortgage Interest scheme will be extended until January 2012. These are the reduced waiting period for new working age claimants of 13 weeks and the increased limit on eligible mortgage capital to £200,000
• Social landlords will be able to offer intermediate rental contracts for new social rented tenancies at rent levels between current market and social rents
• Capital investment in social housing to deliver 150,000 new affordable homes over 4 years. (The Homes and Communities Agency’s last target was 50,000 per year.)