Ahead of the Spring Statement from Chancellor Rachel Reeves tomorrow, the Labour government has announced £2 billion of new funding to support the biggest boost in social and affordable housing in a generation.
Up to 18,000 new social and affordable homes will be built as a result of the extra funding, and will form part of the pledge by the Labour government to build 1.5 million new homes by 2029.
Chancellor of the Exchequer, Rachel Reeves said: “We are fixing the housing crisis in this country with the biggest boost in social and affordable housebuilding in a generation. Today’s announcement will help drive growth through our Plan for Change by delivering up to 18,000 new homes, as well as jobs and opportunities, getting more money into working people’s pockets.”
The government announced that thousands of new affordable homes will start construction by March 2027 and will be completed by the end of this Parliament. The government is encouraging providers to come forwards as soon as possible with projects and bids to ramp up the delivery of new housing supply, in turn making the dream of home ownership a reality for more people across the country.
Deputy Prime Minister and Housing Secretary, Angela Rayner said: “Everyone deserves to have a safe and secure roof over their heads and a place to call their own, but the reality is that far too many people have been frozen out of homeownership or denied the chance to rent a home they can afford thanks to the housing crisis we’ve inherited.
“This investment will help us to build thousands more affordable homes to buy and rent and get working people and families into secure homes and onto the housing ladder. This is just the latest in delivering our Plan for Change mission to build 1.5 million homes, and the biggest increase in social and affordable housing in a generation.”
Basit Mahmood is editor of Left Foot Forward
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