Funding announced to deliver affordable homes

The government has announced £500 million of funding for the Affordable Homes Programme to deliver up to 5,000 new affordable homes.

At the same time, social housing stock will be increased through a new 5-year social housing rent settlement that will give the sector more long-term certainty on funding. Current stock will also be protected by reducing Right to Buy discounts.

The Government will set out details of new investment to succeed the 2021-26 Affordable Homes Programme at the Spending Review. This is intended to lay the foundations for the manifesto commitment to eliver the biggest increase in social and affordable housebuilding in a generation, and to support councils and housing associations to build their capacity and make a greater contribution to affordable housing supply.

Chancellor of the Exchequer, Rachel Reeves said: "We need to fix the housing crisis in this country. It’s created a generation locked out of the property market, torn apart communities and put the brakes on economic growth.

"We are rebuilding Britain by ramping up housebuilding and delivering the 1.5 million new homes we so badly need.

Deputy Prime Minister, Angela Rayner said: "We have inherited a housing system which is broken, with not enough homes being built and even fewer that families can afford.

"This is a further significant step in our plan to get Britain building again, backing the sector, so they can help us deliver a social and affordable housing boom, supporting millions of people up and down the country into a safe, affordable and decent home they can be proud of."