CHANCELLOR George Osborne has pledged 400,000 new homes across the country while visiting an Essex building site.

Mr Osborne is visiting a Persimmon Homes development in South Ockendon, the day after announcing his autumn spending review.

Persimmon has itself unveiled plans to build more than 80,000 homes in the next five years.

Mr Osborne said: “One of this government’s top priorities is backing working families who aspire to own their own home.

“So we've got to get Britain building, and I'm encouraged to hear about Persimmon's plans to build 80,000 homes.

"We made a start tackling the home ownership crisis in the last Parliament - but there's much more to do to turn Generation Rent into Generation Buy.

"My spending review sets out our plan to deliver 400,000 affordable new homes - the biggest such building programme by any government since the 1970s."

Jeff Fairburn, Persimmon chief executive, said: “Home ownership continues to be an aspiration for the majority of British people and these latest initiatives announced yesterday by the Chancellor should help that dream become a reality for many more people.

“Persimmon prides itself on building homes that people can afford to buy in quality locations. Most of our buyers are looking to stay in their local area and this is exactly what we deliver.

“Now is a great time to buy, with lenders increasing the number of mortgage products available.

“The new schemes announced yesterday, which include Help to Buy Shared Ownership, London Help to Buy and the Starter Home initiative will all help even more people into home ownership.”