Section: Housing Finance

Sajid Javid says borrow the money to build the homes needed

Posted 23.10.17
BBC: Article link

Speaking on the BBC's Andrew Marr Show, Communities Secretary Sajid Javid said successive governments had failed to build enough homes, and that the housing crisis Britain faced was "the biggest barrier to social progress in our country today".

In his interview, Sajid Javid said the Government should borrow money to fund the building of hundreds of thousands of new homes and that taking advantage of record-low interest rates "can be the right thing if done sensibly".

He went on to say that between 275,000 and 300,000 homes a year were needed in England alone to help tackle the shortage in affordable housing.

Asked if Philip Hammond, the Chancellor, was signed up to the idea of more investment in housing, the Communities Secretary said: "Let's wait and see what happens in the budget".

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£2 billion boost for affordable housing and long term deal for social rent

Posted 04.10.17
Department for Communities and Local Government: Article link

The government has confirmed that funding for affordable homes will be increased by a further £2 billion to more than £9 billion.

The numbers of homes will be determined on type and location of housing, and bids received for funding. With a typical £80,000 subsidy, this £2 billion investment can supply around 25,000 more homes at rents affordable for local people.

Ministers also confirmed plans to create a stable financial environment by setting a long term rent deal for councils and housing associations in England from 2020.

This complements recent announcements on supporting tenants in the private rented sector and on extending Help to Buy.

The government's Affordable Homes Programme will increase from £7.1 billion of public funding to £9.1 billion, and the £2 billion additional funding for affordable housing could lever in total investment by housing associations and councils of up to £5 billion.

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Reporting on October 2017

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