News: Government announces affordable homes boost

Chancellor Rachel Reeves has announced a 56% increase in funding for affordable housing. This provides a huge boost for the government’s plans to build 1.5 million homes.

The previous Affordable Homes Programme had a budget of £11.5bn across five years from 2021 to 2026. In her spending review Ms Reeves announced that £39bn of grants would be available for local authorities, private developers and housing associations over a 10-year period from 2026.

Widely hailed as the most ambitious affordable homes project for decades, it will provide a significant boost for Deputy Prime Minister Angela Rayner’s plans for increased home building.

Allied to the funding increase is an agreement to allow social landlords to raise rents by 1 percent above inflation over the same 10-year period, something housing providers have long been asking for.

With government grants of £10.7m available every day for affordable housing projects, the prospects for Chilbolton Community Land Trust garnering some of that money must surely look better.