Chancellor pledges over £1 billion to fund up to 10,000 new council homes
The chancellor will announce more than £1 billion for social and affordable housing, aiming to deliver up to 10,000 council homes and raise total programme investment above £40 billion.
In the upcoming Budget, Chancellor John Healey will reveal a new tranche of more than £1 billion for the Social and Affordable Homes Programme, pushing total capital investment past £40 billion over ten years. The funding is designed to help local authorities construct up to 10,000 council homes and to benefit from extended preferential borrowing terms. The government points to a waiting list of over 1.3 million households and a surge in children living in temporary accommodation as drivers for the boost.
Housing charity Shelter’s acting chief executive Mairi MacRae welcomed the step but warned that further action is needed to eliminate unsustainable council debt and accelerate delivery.
Why it matters
The funding targets a severe shortage of affordable homes, affecting millions of families seeking secure housing.
How this story developed
- Oct 18 Rural councils urge Chancellor John Healey to address £19bn growth gap in upcoming Budget
- Oct 23 Antonia Medlicott’s budgeting and tax guidance has entered the discussion ahead of the Budget.
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