Helping hard working families get safe and secure homes and
kickstarting economic growth are driving the Government's agenda,
as the Chancellor and Deputy Prime Minister today (Tuesday 25
March) announced up to 18,000 new social and affordable homes
will be built with a £2 billion injection of investment to
deliver the Prime Minister's Plan for Change.
The announcement hails a significant milestone on the
Government's promise to build 1.5 million new homes whilst
driving economic growth by getting Britain building
again. It follows the Government's plan to inspire the next
generation of British engineers, brickies and chippies, by
training 60,000 construction workers to tackle skills shortages
and get more young people into jobs.
The £2 billion investment boost comes as a down payment from the
Treasury ahead of more long term investment in social and
affordable housing planned later this year, as the government
tackles the housing crisis that has held working families back
from the stability and security that comes with a safe roof over
your head.
Thousands of new affordable homes will start construction by
March 2027 and will complete 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.
Today's investment will also unlock development and opportunity
on sites that are ready and waiting for spades in the ground in
places such as Manchester or Liverpool.
The Chancellor announced plans on a visit to an affordable
housing site in Stoke-On-Trent with the Deputy Prime Minister,
working hand in hand to deliver the biggest boost to affordable
and social housing in a generation.
Deputy Prime Minister and Housing Secretary 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
step forward 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.”
Chancellor of the Exchequer 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”.
At the conclusion of the current Spending Review process on 11
June 2025, the Government will announce further long-term
investment into the sector in England, delivering the biggest
boost to social and affordable housing in a generation.
Kate Henderson, Chief Executive at the National Housing
Federation, says:
"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 £2bn will prevent a cliff edge in delivery of new
homes, ahead of the next funding programme being announced.
“Social housing is the only secure and affordable housing for
families on low incomes, and the dire shortage has led to
rocketing rates of poverty, overcrowding and homelessness.
Investment in social housing is not only key to tackling the
housing crisis, but is also excellent value for money, reducing
government spending on benefits, health, and homelessness as well
as boosting growth. Housing associations are ready to work with
the government to deliver a generation of new social homes.”
Charlie Nunn, CEO, Lloyds Banking Group said:
“A safe and lasting home is the foundation for good lives and
livelihoods, and we welcome this boost to building much-needed
social and affordable homes. As the UK's biggest commercial
supporter of social housing, we're working across the private,
public and community sectors to help increase provision of good
quality, genuinely affordable housing for those in need.”
Please could we get confirmation of whether these two quotes will
be in the release/will be provided to media separately, so we can
let them both know?
, CEO at Barratt Redrow,
said: “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 to create jobs and economic growth
across the country.”
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