Affordable housing: Does your locality feature development plans to construct these?
The UK Government has today announced a whopping £39 billion 10-year Affordable and Social Homes Programme, marking one of the largest investments in housing in half a century. This ambitious initiative aims to squash the country's housing crisis.
During today's Spending Review, the Chancellor pledged this massive investment over the next ten years. Labour's planning reforms, as claimed by Rachel Reeves, have created more opportunities for homebuilding. She emphasized that this investment represents the biggest increase in the sector in over 50 years.
Reeves confirmed that several cities, such as Blackpool, Preston, Sheffield, and Swindon, already have plans in motion to gather bids for building affordable and social homes. Reeves stated, "Our plan meets the magnitude of the housing crisis but not the lax attitudes of past governments. We're taking action, and I'm thrilled to unveil the largest cash injection into social and affordable housing in half a century."
This news sparked a surge in housebuilding stocks. Notable FTSE 100 companies like Persimmon and Barratt Redrow saw their stock prices skyrocket by over 2 per cent. FTSE 250 companies, including Vistry Group, Crest Nicholson, and Bellway, also experienced significant gains of up to 9 per cent.
In addition to the Affordable Homes Programme, the Government will launch a permanent, nationwide Mortgage Guarantee Scheme in July. This scheme will ensure consistent mortgage availability for buyers with small deposits. The Government also intends to invest in infrastructure and land remediation to partner with the private sector on new housing schemes.
Property expert Phil Spencer applauded the move, stating, "Today's announcement is a positively upbeat development for the housebuilding sector. With the scarcity of affordable homes, we're optimistic about any initiatives that will help the sector meet this demand." Spencer further added, "However, we must ensure these houses are built in regions where the need is greatest."
- The Affordable and Social Homes Programme, a £39 billion investment by the UK Government, aims to address the housing crisis by creating more opportunities for homebuilding.
- The Government's 10-year Affordable Homes Programme, with its massive investment, represents the biggest increase in the housing sector in over 50 years.
- The announcement of the Affordable and Social Homes Programme has sparked a surge in housebuilding stocks, with notable FTSE 100 companies like Persimmon and Barratt Redrow seeing their stock prices skyrocket by over 2 per cent.
- In addition to the Affordable Homes Programme, the Government will launch a Mortgage Guarantee Scheme in July, which will ensure consistent mortgage availability for buyers with small deposits, potentially boosting the real-estate sector further.
