National Association Of Property Buyers’ Statement On Chancellor’s Annoucement
Commenting on the statement, property expert Jonathan Rolande, from the National Association of Property Buyers, said:
“The massive investment in our nation’s homes and infrastructure is long overdue. Large numbers of new homes will not only house people but will also reduce some of the upward pressure on prices and rents. This should be welcomed with open arms. How it will be paid for will not be as welcome but, as I have been saying for many years, big problems require big solutions. I fear there will be financial pain before we see any positive results.”
Chancellor Rachel Reeves used her Spending Review statement in the Commons to reveal she will nearly double government spending on affordable housing.
She is also allowing social housing landlords to hike rents by above inflation over the next 10 years.
Ms Reeves says some £39 billion will be spent over 10 years for local authorities, private developers and housing associations to create social housing.
This average of £3.9 billion a year is a significant increase on the £2.5 billion allocated annually under the 2021-26 programme.
Reeves told MPs: “I am announcing a new Affordable Homes Programme in which I am investing £39bn over the next decade. Direct government funding that will support housebuilding especially for social rent, and I am pleased to report that towns and cities including Blackpool, Preston, Sheffield, and Swindon already have plans to bring forward bids to build new houses.”
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