UK announces £2bn investment for affordable housing

GlobalData

Wed, Mar 26, 2025, 5:41 AM 2 min read

The UK authorities has announced a important £2bn ($2.58bn) concern to conception up to 18,000 caller societal and affordable homes.

This backing is designated for developments that tin commence wrong the existent parliament term, with a absorption connected accelerating operation successful areas specified arsenic Manchester and Liverpool.

The determination is simply a cardinal constituent of the government's wider committedness to make 1.5 cardinal caller homes and stimulate economical maturation by revitalising the home operation sector.

Additionally, the announcement aligns with efforts to code accomplishment shortages by grooming 60,000 operation workers, frankincense fostering employment opportunities for younger workers successful the industry.

The £2bn is an archetypal publication from the UK's Treasury, with anticipation of further semipermanent backing for societal and affordable lodging to beryllium announced astatine a aboriginal date.

This forthcoming concern is expected to screen fiscal twelvemonth 2026-27 and beyond, arsenic portion of a strategy to alleviate the home lodging situation.

Construction of the caller affordable homes is scheduled to commence by March 2027 and scope completion by June 2029.

The authorities is urging lodging providers to promptly suggest projects and taxable bids to expedite the summation successful lodging supply, thereby making homeownership much accessible for a broader conception of the population.

UK Secretary of State for Housing, Communities and Local Government Angela Rayner said: “Everyone deserves to person a harmless and unafraid extortion implicit their heads and a spot to telephone their own, but the world is that acold excessively galore radical person been frozen retired of homeownership oregon denied the accidental to rent a location they tin spend acknowledgment to the lodging situation we’ve inherited.

“This concern volition assistance america to physique thousands much affordable homes to bargain and rent and get moving radical and families into unafraid homes and onto the lodging ladder. This is conscionable the latest successful delivering our Plan for Change ngo to physique 1.5 cardinal homes, and the biggest summation successful societal and affordable lodging successful a generation.”

"UK announces £2bn concern for affordable housing" was primitively created and published by World Construction Network, a GlobalData owned brand.