Overview

• The UK government has announced £2 billion in funding to build up to 18,000 social and affordable homes, with at least half allocated for social rent.
• This investment is described as a 'down payment' ahead of further housing commitments expected later this year.
• Construction of the new homes is scheduled to start by March 2027 and complete by July 2029, contributing to the government's goal of 1.5 million new homes by 2029.
• Charities and experts argue that 90,000 social homes annually are needed to address record-high homelessness and social housing demand, far exceeding current plans.
• Challenges such as worker shortages, planning inefficiencies, and high mortgage rates are raising concerns about the feasibility of achieving housing targets.