In her response to yesterday’s budget, Kate Henderson Chief Executive at the National Housing Federation, says:
Today’s budget demonstrates the government’s commitment to social housing, recognising it alongside the NHS and schools, as part of the vital infrastructure of our country.
https://www.housing.org.uk/news-and-blogs/news/autumn-budget-2024-statement/
It’s a comment that is difficult to argue against given the range of measures announced today:
- Confirmation of the £500m top up to the Affordable Homes Programme (increasing it to £3.1bn), which was announced on Monday;
- Social housing providers are to be given a rent settlement of CPI +1% for the next five years;
- Reduction of the Right to Buy discount and the ability for local authorities to retain the full receipt to fund replacement housing stock;
- £3bn of support in guarantees to support the supply of homes and small house builders (which budget documents indicate refers to “additional support for SMEs and building to rent sector, in the form of housing guarantee schemes”.
Including confirmation of previously announced investment to fund brownfield sites (such as £56m to unlock 2000 new homes at Liverpool Central Docks and £47m funding to support the delivery of 28,000 homes stalled due to nutrient neutrality) the Government has said its total investment in housing supply will be more than £5bn next year.
I am pleased to see these announcements and look forward to seeing the positive impact of them in the coming months.