Associate solicitor Gemma Smith, in our Commercial Property team, discusses how the Government plan provide more affordable housing.
In February 2017 the Government published its white paper entitled “Fixing our Broken Housing Market” recognising that investment was needed to increase the availability and build out of affordable housing. Affordable housing was again a hot topic leading up to the snap general election earlier this year, with each of the main parties committing to increasing affordable housing and building more homes generally.
During the Prime Minister’s speech at the Conservative Party Conference in on 4 October 2017 emphasis was once again placed on the housing market. Theresa May announced that the Government will be “investing a further £10 billion” in the Help to Buy schemes and an additional £2 billion in affordable housing. The Government hopes that this additional £2 billion will provide around 25,000 more homes for social rent during the course of this parliament.
The Chartered Institute of Housing commends the commitment to social rented properties, as these are “the only truly affordable option” for those on low incomes. The National Housing Federation will now be looking to engage in discussions with the Government to establish how this funding can best be used to achieve the aim of securing more affordable housing.
What is clear is that more homes are needed and more affordable homes are needed. The more funding available to increase affordable housing stock the better, although only time will tell if the Government’s commitment pays off.
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This article is intended for the use of clients and other interested parties. The information contained in it is believed to be correct at the date of publication, but it is necessarily of a brief and general nature and should not be relied upon as a substitute for specific professional advice.
