Wedoany.com Report-Mar 27, The UK government has announced a significant £2bn ($2.58bn) investment to construct up to 18,000 new social and affordable homes.
Construction of the new homes is set to commence by March 2027.
This funding is designated for developments that can commence within the current parliament term, with a focus on accelerating construction in areas such as Manchester and Liverpool.
The move is a key component of the government’s wider commitment to create 1.5 million new homes and stimulate economic growth by revitalising the domestic construction sector.
Additionally, the announcement aligns with efforts to address skill shortages by training 60,000 construction workers, thus fostering employment opportunities for younger workers in the industry.
The £2bn is an initial contribution from the UK’s Treasury, with anticipation of further long-term funding for social and affordable housing to be announced at a later date.
This forthcoming investment is expected to cover financial year 2026-27 and beyond, as part of a strategy to alleviate the domestic housing situation.
Construction of the new affordable homes is scheduled to commence by March 2027 and reach completion by June 2029.
The government is urging housing providers to promptly propose projects and submit bids to expedite the increase in housing supply, thereby making homeownership more accessible for a broader segment of the population.
UK Secretary of State for Housing, Communities and Local Government Angela Rayner said: “Everyone deserves to have a safe and secure roof over their heads and a place to call their own, but the reality is that far too many people have been frozen out of homeownership or denied the chance to rent a home they can afford thanks to the housing crisis we’ve inherited.
“This investment will help us to build thousands more affordable homes to buy and rent and get working people and families into secure homes and onto the housing ladder. This is just the latest in delivering our Plan for Change mission to build 1.5 million homes, and the biggest increase in social and affordable housing in a generation.”
