£12bn investment in affordable homes announced

Earlier this week, The Ministry for Housing Communities and Local Government (MHCLG) unveiled its plans to invest £12.2 billion overall in affordable housing and new measures to make it easier to get a foot on the property ladder.

£700 million of this programme will be invested in new homes through the 2016 t o2022 prgramme, whilst the remaining £11,5bn will be used within a new Affordable Homes Programme (AHP) which will run for a five year peiod from 2021-2026. Homes England will be releasing the prospectus for this programme shortly, and it is claimed that it will provide up to 180,000 new homes across the country, should economic conditions allow. The new AHP will also aim to deliver homes for both affordable ownership and social rent, with around half of the new homes to be made available for affordable home ownership- which will help more people to get a foot on the property ladder.

Housing Secretary Rt Hon Robert Jenrick MP commented: "This announcement represents the highest single funding commitment to affordable housing in a decade and is part of our comprehensive plans to build back better. This government is helping hard-working families and prospective first-time buyers get their feet on the housing ladder in an affordable way.Thanks to the range of flexible ownership options being made available, more families across the country will be able to realise their dreams of owning their own home, with half of these homes being made available for ownership".

Elmhurst's Technical and Operations Director, Stuart Fairlie, comments: "Elmhurst welcome the news and investment to provide homes for all people in the UK. However we must ensure that homes are built to good new standards of energy efficiency and ventilation, which are fit and healthy for the occupiers. We do not want home that use loop holes to use old standards. We are all expecting new building regulations/standards in England, Wales, Northern Ireland and Scotland sometime over the next year or so, these need to be prioritised.”

Full press release: https://www.gov.uk/government/news/jenrick-unveils-huge-12-billion-boost-for-affordable-homes

Published: 10/09/20

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