UK Government Announces £2 Billion Investment for 18,000 Affordable Homes
The funding, described as a 'down payment,' aims to address the housing crisis and deliver half of the homes for social rent, with construction starting by 2027.
- The UK government has unveiled a £2 billion initiative to build up to 18,000 social and affordable homes, marking the largest boost in social housing in a generation.
- At least 50% of the new homes are planned for social rent, but charities are calling for a greater emphasis on social housing to tackle record homelessness.
- This investment is part of a broader strategy to build 1.5 million homes by 2029, with further funding announcements expected 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.
- Challenges such as labor shortages, developer delays, and the need for a significantly higher number of social homes remain critical obstacles to meeting housing goals.
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