A multi-billion pound boost to social housing across England was confirmed today (26 June) by Secretary of State for Communities, James Brokenshire, as part of the effort to build the homes communities desperately require
Some 23,000 new affordable homes will be provided through a £1.67bn government investment deal. This will include at least 12,500 social rent homes in high-cost areas in a move to support families struggling to pay their rent.
This is part of the government’s £9bn investment in affordable homes, £1.67bn of which was announced in March 2018 for London. This latest funding will deliver homes across the rest of the country.
Brokenshire also heralded a new generation of council housing by inviting local authorities to bid for a share of £1bn extra borrowing to build much-needed homes. This £1bn borrowing cap raise will be split equally throughout the country.
Local authorities have requested this extra financial flexibility, which will be allocated to those in areas with the highest affordability pressures to ensure homes are built where they are needed most.
These new measures are part of the government’s ambitious plans to build 1.5 million new homes by 2022 through planning reform and targeted investment.
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.”
Bidding will now begin for both programmes, with successful bids for the affordable homes funding notified throughout the year. A list of successful councils who have had their borrowing caps increased will be announced shortly.