Funding avoids cliff-edge in social housing delivery before new grant programme agreed
The government today pledged to inject £2bn in top-up grant funding to build up to 18,000 social and affordable homes in England.
The funding will only be released for development on sites that will deliver in this Parliament, getting spades in the ground quickly to build homes in places such as Manchester and Liverpool.
This means construction must start before March 2027, with an aim to finish building by 2029.
It is being released to avoid a cliff edge in delivery of new homes, ahead of the next funding programme being announced following the current Spending Review process, which will see Government in June set out plans for further long-term investment in social housing.
Chancellor of the Exchequer Rachel 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.”
David Thomas, 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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