Housing and other key points
| An additional £1.5bn is earmarked for social and affordable homes, alongside government-backed lending for first-time buyers | The Your First Home scheme aims to support 70,000 first-time buyers in England, subject to eligibility limits | Budget also outlines funding for devolution, local apprenticeships and rough sleeping, alongside longer-term defence spending commitments |
Housing
The Budget set out further support for affordable housing, rough sleeping and first-time buyers, including an additional £1.5bn for social and affordable homes and £4.7bn in government-backed lending for the previously announced Your First Home equity loan scheme, available in England only. It aims to support around 70,000 first-time buyers; eligibility, property price and income limits will apply. A further £432m has been pledged in England to tackle rough sleeping.
Other key points
- Local funding – £285m for 2027/28 to help areas progress towards devolution
- Fiscal powers – from 2028, mayors are expected to receive an assigned share of existing Income Tax revenues
- Devolved nations – additional Barnett funding is indicated for Scotland (£600m), Wales (£450m) and Northern Ireland (£270m)
- Defence spending – the government is targeting 3% of GDP by 2030, 3.5% by 2035
- Support young people – Jobs Guarantee for eligible 18 to 24-year-olds on Universal Credit and investing £100m in local apprenticeship services
- Alcohol Duty rates – increased in line with RPI.
Closing comments
John Healey signed off his speech saying this is a Budget for “the worker, the sole trader, the parent at the school gate.”
It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK. Tax treatment varies according to individual circumstances and is subject to change. Advice on Cash on Deposit, National Savings Products, Inheritance Tax
Planning and Tax Planning are not regulated by the Financial Conduct Authority.
All details are believed to be correct at the time of writing (28 October 2026)
Approver Quilter Financial Limited and Quilter Financial Services Limited 29/10/2026
Stay informed with the latest
Receive relevant financial news and updates directly to your inbox.
