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UK sets out £8.6bn funding for affordable homes

“This huge funding package will make the ambition of owning a home a reality for families by making it realistic and affordable.”…reports Asian Lite News.

Thousands of people will be helped onto the housing ladder as funding worth £8.6 billion is allocated across the UK on Tuesday.

Part of the largest single investment in affordable housing in a decade, the Affordable Homes Programme funding will deliver around 119,000 homes, including 57,000 for ownership, 29,600 for social rent and 6,250 affordable rural homes.

The government said this cash injection could support up to 370,000 jobs across the country for homebuilders, SME developers, and wider businesses supporting the house building industry such as electricians and plumbers. This is expected to generate up to £26 billion of other private and public investment, it added.

Around half of the new homes from this £8.6 billion funding will be available for affordable home ownership, helping more young people and families to get a foot on the housing ladder.

The funding will also deliver nearly 30,000 homes for Social Rent, which are typically 50 to 60% of market prices, providing secure, affordable housing to people who need it most. It will also deliver new supported housing for some of the most vulnerable, providing much needed homes for older or disabled people with support needs.

Housing Secretary Robert Jenrick MP said: “Creating more opportunities for home ownership is central to this government. This £9 billion funding is a landmark moment for our Affordable Homes Programme and will ensure good quality housing for all as we build back better after the pandemic.”

“This huge funding package will make the ambition of owning a home a reality for families by making it realistic and affordable.”

He added: “We are also ensuring tens of thousands of new homes for rent are built in the years ahead, including social rent, so those on the lowest incomes can enjoy good quality, secure rented homes, built and managed by reputable providers.”

The funding allocations are taken from the £11.5 billion Affordable Housing Programme which will deliver up to 180,000 new affordable homes should economic conditions allow.

Nearly £5.2 billion of the package announced today will be delivered outside London by Homes England, the government body responsible for housing delivery. The Greater London Authority (GLA) will deliver homes within London.

Nearly 90 new partnerships – made up of councils, housing associations and private providers – successfully bid for their share of programme funding.  

CEO of Homes England Peter Denton said: “Not only does today’s announcement give our new Strategic Partners the funding, flexibility, and confidence they need to build much needed affordable homes across the country, it also establishes a large network of organisations looking to share their skills and capabilities to expand the affordable housing sector and transform communities.”

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