£3 Billion affordable housing promised? by Government

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.

EAN Breaking News

Breaking News from the team at Estate Agent Networking. Have a new story to share with us? Then please get in contact today! When and where we can we will refer to third party websites with a 'live link back' where news was released first.

You May Also Enjoy

Breaking News

Homes on spooky street names like ‘bat’ and ‘hell’ sell for far above the national average

The Halloween street names that cost a fortune to live on A new study has determined which Halloween-themed streets are the most expensive to live on.  Streets with the word ‘bat’ in the name face an increase of 188.6% from the national average house price in the UK.  Streets that include the words ‘cauldron’ or…
Read More
Estate Agent Talk

Why Mortgages Shouldn’t Only Be Accessible for 9–5 Workers

As the modern workforce evolves, mortgage lending criteria are struggling to keep up. Across the UK, thousands of people who earn outside of traditional employment, from content creators and freelancers to contractors and entrepreneurs, are finding themselves locked out of the housing market, despite having stable and often high incomes. According to James Enos, National…
Read More
Breaking News

Property Sector is in ‘Wait and See’ Mode

Commenting on how the property sector is fully in ‘wait and see’ mode ahead of the Autumn Statement, Daniel Austin, CEO and co-founder at ASK Partners, said: “With the Autumn Statement looming, the property market remains in ‘wait and see’ mode. Buyers are pausing, and developers are holding back amid uncertainty over potential tax changes…
Read More
Rightmove logo
Breaking News

Rightmove streamlines tenant move-in journey with Renter Checklist

The UK’s largest property platform Rightmove has launched a new checklist for renters, streamlining the process of moving into a new rental home. The checklist guides tenants through each part of the rental process, from finding a property to picking up the keys. The new Renter Checklist is available now in My Rightmove, where people…
Read More
Breaking News

Industry Reaction to Renters’ Rights Bill Becoming Law

The Renters’ Rights Act has officially received Royal Assent, marking one of the most significant reforms to England’s private rented sector in decades. The new law will ban Section 21 no-fault evictions, replace fixed-term tenancies with open-ended agreements, cap rent increases, and introduce tougher property standards under the updated Decent Homes Standard. It also paves…
Read More
Rightmove logo
Breaking News

Rightmove data and commentary as Renters’ Rights gets Royal Assent

The UK’s largest property platform Rightmove shares data and commentary on the rental market as the Renters’ Rights Bill finally gets Royal Assent and becomes law. Key market data The average advertised rent of homes outside of London has reached a new record of £1,385 per calendar month (pcm). Average rents outside of London are…
Read More