Barnet boroughs face £5.5m daily temporary‑housing bill as budget decisions loom
London councils spend £5.5 million each day on homeless families, while landlords push for a £1.3 billion stamp‑duty fund and the Chancellor eyes a higher Help to Buy income cap.
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Barnet residents will feel the impact of a £5.5 million daily outlay that London boroughs are using to house homeless families in temporary accommodation. The figure comes from London Councils, which said the cost is putting extreme pressure on council finances.
Daily cost of temporary accommodation
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London Councils told the Standard that boroughs collectively spend £5.5 million a day on temporary housing. Barnet Council has not released its own daily total, but the council confirmed it is part of the city‑wide tally and that the expense limits its ability to fund other services.
Landlords push for stamp‑duty fund
The G15 group of the capital’s largest landlords announced a proposal to allocate a quarter of the £5 billion annual stamp‑duty revenue to a dedicated social‑housing fund. The Standard reported the proposal would generate about £1.3 billion each year for permanent homes and homelessness prevention.
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New funding will extend support for outreach, emergency accommodation and longer-term housing until the end of the current Parliament.
Ian McDermott, chair of the G15 and chief executive of Peabody, said the plan would give London more control over housing investment and reduce the need to spend billions on managing homelessness.
Help to Buy income cap revised
The Times reported that the Chancellor, John Healey, is expected to raise the income ceiling for the revived Help to Buy scheme. The cap will be set at £110,000 for households outside London and £140,000 for those inside the capital, a change from the earlier proposal of £90,000 and £110,000.
The higher threshold means more moderate‑income earners in Barnet could qualify for the 20% equity loan, potentially easing the pressure on first‑time buyers in the borough.
Strengthening London boroughs by devolving new fiscal resources would put us in a much stronger position to tackle London’s challenges.
Stephen Cowan, Chair of London Councils
The Budget, due on 29 July 2026, will confirm whether the Chancellor adopts any of the proposals. Barnet Council said it will monitor the outcome, assess the impact on its own finances and, if necessary, submit additional funding requests to the Treasury.
Questions this report answers
+How much are London boroughs spending each day on temporary accommodation?
London Councils said boroughs are spending £5.5 million a day on temporary accommodation for homeless families. The cost is shared by all London boroughs, including Barnet, and is straining council budgets.
+What does the G15 proposal for stamp‑duty revenue involve?
The G15 landlords propose allocating 25% of the capital’s £5 billion stamp‑duty revenue, about £1.3 billion a year, to a dedicated fund for permanent social housing and homelessness prevention. The Standard reported the plan aims to increase housing supply.
+What income cap will the revived Help to Buy scheme have in London?
The Times reported the Chancellor will set the Help to Buy income cap at £140,000 for households in London and £110,000 for those outside the capital. The higher limit expands eligibility for first‑time buyers, including many in Barnet.
+What happens next after the Budget announcement?
The Budget on 29 July 2026 will reveal whether any of the proposals are adopted. Barnet Council said it will track the decisions, evaluate any impact on its services and submit further funding requests to the Treasury if required.
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