Chancellor Rachel Reeves will today unveil the biggest investment in social and affordable housing in a generation \u2014 with \u00a339bn earmarked over the next decade.<\/p>\n
The new Affordable Homes Programme will form the centrepiece the Spending Review, delivering long-term certainty for developers and doubling current investment levels.<\/p>\n
The new deal will average \u00a33.9bn a year \u2014 up from just \u00a32.3bn a year under the previous government\u2019s five-year \u00a311.5bn programme running from 2021 to 2026.<\/p>\n
By the end of this Parliament, annual spend is set to hit \u00a34bn in 2029\/30, almost double the previous rate.<\/p>\n
The ten-year funding deal offers long-term certainty to affordable homes the sector, where new build activity has slowed because of funding commitments to upgrade existing stock to meet stricter fire safety regimes.<\/p>\n
Alongside the funding boost, Reeves will confirm a ten-year social rent settlement from 2026, allowing rents to rise at CPI+1% and helping housing providers borrow and invest more in new and existing stock.<\/p>\n
The package comes as part of Labour\u2019s wider \u201cPlan for Change\u201d and follows reforms to the planning system already forecast by the OBR to add \u00a36.8bn to the economy and lift housebuilding to its highest level since the 1980s.<\/p>\n
A government source said: \u201cWe\u2019re turning the tide against the unacceptable housing crisis in this country with the biggest boost to social and affordable housing investment in a generation.\u201d<\/p>\n
from Construction Enquirer https:\/\/ift.tt\/ToH8gAr<\/p>\n","protected":false},"excerpt":{"rendered":"
Chancellor Rachel Reeves will today unveil the biggest investment in social and affordable housing in a generation \u2014 with \u00a339bn earmarked over the next decade. The new Affordable Homes Programme will form the centrepiece the Spending Review, delivering long-term certainty for developers and doubling current investment levels. The new deal will average \u00a33.9bn a year […]<\/p>\n","protected":false},"author":1,"featured_media":146,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[9],"class_list":["post-5904","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-construction-enquirer"],"_links":{"self":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts\/5904","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/comments?post=5904"}],"version-history":[{"count":1,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts\/5904\/revisions"}],"predecessor-version":[{"id":5905,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts\/5904\/revisions\/5905"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/media\/155"}],"wp:attachment":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/media?parent=5904"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/categories?post=5904"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/tags?post=5904"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}