Multi billion pound boost for affordable housing
Affordable housing has received a £3 billion boost in a major Government announcement today.
Chancellor Philip Hammond pledged the money in his Spring Statement in the House of Commons. Under the Affordable Homes Guarantee Scheme, housing associations will be able to borrow money from the three billion pound pot to build properties.
The aim is to build 30,000 affordable properties as part of the Government’s long standing target of 300,000 new homes per year by the mid-2020s.
He said that it would help put the UK on track to increase housing supply to the highest level in decades.
Mr Hammond also announced a new Future Homes Standard, to be introduced by 2025.
In a move away from fossil fuels, it will require all new-build homes to use low-carbon heating and be energy efficient.
The new money is to be welcomed and we hope it will be available to housing associations and registered providers of housing in our area.
Don’t forget to sign our Home Ownership Register if you are seeking a new home for purchase or rent.