Rachel Reeves and Deputy Prime Minister Angela Rayner have just announced plans to build up to 18,000 new social and affordable homes with a £2billion investment.
According to the Treasury, the new homes will start construction by March 2027 and will be completed by the end of this Parliament.
Ms 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.”
Ms 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 move has been welcomed by industry experts, who have praised the “desperately needed” plan.
Kate Henderson, chief executive at the National Housing Federation, said: “This funding top-up is hugely welcome and demonstrates the Government’s commitment to delivering genuinely affordable, social housing for families in need across the country. The additional £2 billion will prevent a cliff edge in the delivery of new homes, ahead of the next funding programme being announced.”
David Thomas, CEO at Barratt Redrow, added: “To increase construction activity and build the homes the UK desperately needs, we need support for demand across all tenures. As well as providing more much-needed affordable homes, this welcome investment will help unlock mixed-tenure developments and create jobs and economic growth across the country.”
