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£1.67 Billion Social Housing Commitment Revealed By Government

by Paul Addison on August 16, 2018 No comments

It has been revealed by James Brokenshire, the housing secretary, that there will be a £1.67 billion investment from the government to deliver 23,000 affordable dwellings.

Constructed in high-cost areas to support families struggling to pay their rent, a minimum of 12,500, of the 23,000 homes will be social rent homes.

This money forms part of the £9 billion the government has invested into affordable housing.

From the fund, going towards the construction of 27,000 affordable homes by the end of 2021-22, £1.67 billion is to go to London.

Additionally, to build council homes, Brokenshire has offered local authorities the opportunity to bid for a portion of £1 billion extra borrowing.

To “ensure homes are built where they are most needed”, the areas that have the highest affordability pressures will be assigned the money as part of the government’s strategies to build 300,000 homes per year by the mid-2020s.

Brokenshire said:

“The government has ambitious plans to fix the broken housing market and build the homes our communities need.

“Today’s announcement is a further milestone. It will secure the delivery of an additional 23,000 much-needed affordable homes as well as paving the way for a new generation of council houses.

“The majority of these new homes will be in high-cost areas helping to ease the burden of rent on hard working families and delivering stronger communities.”

Speaking about the programmes, Martin Tett, housing spokesman for the Local Government Association (LGA), said:

“The LGA has been clear that councils must be given greater freedom to borrow to build desperately-needed new homes in their local areas and play a leading role in solving our housing shortage. Today’s announcement is a positive step in the right direction towards triggering the renaissance in council housebuilding that we urgently need to ensure more affordable, secure and stable homes for everyone.

The next step for the government now is to accept the calls of the LGA and the influential Treasury Select Committee to scrap the cap on council borrowing in every community across the country. This would free councils to make the investment decisions that will boost housebuilding in their local areas unencumbered from rules and regulations created in Whitehall.”

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Paul Addison£1.67 Billion Social Housing Commitment Revealed By Government

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