UK affordable housing scheme exceeds target

Encouraging news has been released today with the announcement that the number of affordable homes delivered in Britain over the last five years has exceeded target.

Housing Minister Brandon Lewis said that more than 260,000 affordable homes have been provided since April 2010. A new target of delivering 275,000 homes in the next five years has now been set.

Increases

Mr Lewis announced that 60,000 affordable houses were provided during the last year, a substantial rise of 63% from the same period twelve months ago. Announcing the new target, the Housing Minister stated that there would be a £38bn public and private investment in the Affordable Homes Programme until 2020. Since the programme began in 2011, the scheme has provided 186,000 homes, which was 16,000 more than originally planned.[1]

‘This Government is determined to ensure anyone who works hard and aspires to own their own home should have the opportunity to turn their dream into a reality,’ said Lewis. ‘Our affordable housebuilding efforts are exceeding our ambitions and delivering more than 260,000 affordable homes.’[2]

UK affordable housing scheme exceeds target

He went on to state that, ‘it’s a boost to families across the country, providing them with new quality homes that are available at an affordable rent or to buy through our shared ownership scheme. This is real progress but we know there is more to do. That’s why £38bn of public and private investment will be made available over the next five years to deliver £275,000 extra affordable homes, the fastest rate of delivery for 20 years.’[3]

The Affordable Homes Programme  

Covering social rental homes, home ownership schemes and affordable rented homes, the Affordable Homes Programme is crucial in the government’s long-term economic plan.

[1] http://www.propertywire.com/news/europe/uk-affordable-homes-target-2015061810644.html