£3 Billion affordable housing promised? by Government

March 13, 2019

The Chancellor Philip Hammond today announced that the government has planned a budget of £3 billion that will be put towards the supply of affordable housing thus around 30,000 affordable homes. The government are not in many people’s good books as of late and especially with their comical handling of the democratic vote to leave the EU which has turned in to, for many eyes globally, a long running comedy series competing for air time alongside old episodes of Benidorm.

UK housing situation is a big concern and especially affordability – Property prices remain sky high for many, though prices are now starting to reduce in value and obtaining a mortgage for many is but a mere distant dream with strict regulatory rules on lending in place. Brexit though is on the horizon and many see this factor playing a big part in where property will be in the near future…

Today’s Spring Statement given to the House of Commons by Mr Hammond saw housing being a top priority of the government – reference was also made towards the £717 million available from the Housing Infrastructure Fund to “unlock” 37,000 homes in West London, Cheshire, Didcot and Cambridge.

Paul Hackett, chair of the G15 and chief executive of Optivo housing association, was reported as saying: “Brexit uncertainty and the deepening UK housing crisis underlines the need for longer-term funding for affordable housing.

“The new funding announced today for the affordable homes guarantee programme is welcome, but our sector’s cross-subsidy model of delivering affordable housing is broken and a new funding deal is imperative if the government wants to hit its target of 300,000 new homes a year.”

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