Chancellor Kwasi Kwarteng has set out a range of new housing measures in his mini-budget, as well as making changes to the universal credit regime.

As widely trailed beforehand, the government has cut stamp duty tax on all properties up to £250,000 and £400,000 for first time buyers.

The stamp duty cuts follow the Bank of England raising interest rates to their highest level in 14 years to sit at 2.25%.

The introduction of 38 “investment zones” in England sees a relaxing of planning regulations and watered down environmental regulations. Kwarteng said the government will “liberalise planning rules” and release more surplus government land and accelerate development in these areas.

There will also be “no stamp duty whatsoever” on any home purchases in these zones.

There was a hint before the announcement that no building safety regulations would be impacted in these new zones and that there would a fixed amount of affordable housing in any new development, replacing the current negotiations between councils and developers.

Also announced was changes to universal credit and the Administrative Earnings Threshold. The Chancellor set out how those who are in part time work would have their benefits reduced if they do not actively try to find more work.

He called this a plan to “get Britain working again” and would see individual claimants working up to 15 hours a week at the National Living Wage (24 hours a week for couples) at risk of having their benefits cut, up from 12 hours currently. This comes into effect from January 2023.

While exemptions will be in place for those who are unable to work due to long-term sickness or disability, it is thought the policy will affect around 120,000 benefit claimants.

Government said: “The government will also strengthen the sanctions regime to set clear work expectations of claimants and provide more support to those over 50.”

This will include setting “clear work expectations – including applying for jobs, attending interviews or increasing the hours – in return for receiving UC”.

In the mini-budget document, the government sets out how it is to “bring forward legislation to implement new obligations on energy suppliers to help hundreds of thousands of their customers take action to reduce their energy bills” which they hope will see savings of £200 a year and start from April 2023.

They add: “Support will be targeted at those most vulnerable, but will also be available for the least efficient homes in lower council tax bands. The government will also imminently open applications for up to £2.1 billion over the next two years to support local authorities, housing associations, schools and hospitals invest in energy efficiency and renewable heating.”

A link to the full document can be found here.