Aerial view looking down on new build housing construction site in England

Building Back Better: Government pours billions into affordable housing

The UK Government has announced that funding will be committed with the aim of delivering tens of thousands of new homes across the country.

This will be done through an expansion to the Affordable Homes Scheme, seeing a further £3 billion committed to the building of 20,000 new homes, and is being backed by the Department for Levelling Up, Housing and Communities. Thanks to alterations to the way that funding is committed, upgrades can also be funded for existing properties so that homes can be made warmer and more energy efficient.

PSE Half and Half Infographic affordable housing

Housing providers will be given access to low-cost loans through the funding, which is now £6 billion, to ensure that they have the ability to construct more affordable homes and upgrade their existing stock.

Lee Rowley, Housing Minister, said:

“We know getting cost-effective loans can be a stumbling block for many developers building more affordable homes or upgrading their existing stock, so it is of the quality tenants deserve.

“This new round opening today will not only improve the lives of those already living in homes but help thousands of families benefit from new, high-quality, affordable housing.”

The Affordable Housing Scheme was launched in 2020 and has already supported the delivery of 6,290 affordable homes, with thousands more to come in the future.

This commitment to the building of new homes comes as part of the government’s plans to build one million new homes before the end of this parliament and is being supported by a £10 billion commitment since this parliament started.

To find out more about developing affordable housing, join Public Sector Executive for our Homes and Homelessness online conference on the 25th July 2024 – Register here.

 

Image credit: iStock

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