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4w ago

UK Government Allocates £2 Billion for 18,000 Affordable Homes

The largest social housing investment in a generation aims to address record homelessness and housing shortages, but experts call for greater action to meet ambitious targets.

image: ©Paul Brown | iStock
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The government plans to build 1.3 million homes by the financial year 2029-2030

Overview

  • The UK government has committed £2 billion to build up to 18,000 social and affordable homes, with at least half designated for social rent.
  • This investment is part of the Affordable Homes Programme and is described as a 'down payment' ahead of further funding announcements later this year.
  • Construction is set to begin by March 2027 and be completed by July 2029, targeting high-demand areas like Manchester and Liverpool.
  • Charities and experts stress the need for 90,000 social homes annually to meet the housing crisis and the government's target of 1.5 million homes by 2029.
  • The initiative is expected to stimulate economic growth, create jobs, and address construction sector skill shortages through the training of 60,000 workers.