Tuesday, 16 October 2007 19:54

£10.2bn boost for affordable homes

Written by  Ruralcity Media
Housing minister Yvette Cooper has unveiled a £10.2 billion cash boost for affordable homes.

 

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Cooper: Every region needs more homes
"Every region needs more affordable, decent homes - not just to own, but also to rent," said Ms Cooper in an announcement on Tuesday (16 October).

 

"Unless more homes are built, first-time buyers and young families will find it more and more difficult to get a foot on the housing ladder."

The money means 110,000 more affordable homes will be built over the next three years.

The £10.2bn is the allocation of regional housing funding for 2008-11 from the total announced in this month's Comprehensive Spending Review.

The money will improve existing social housing and regeneration projects in addition to boosting the supply of social and low-cost housing.

All English regions will receive an increase of at least 15 per cent by 2010-11 compared to this year.

Regional assemblies are now being asked to draw up their own recommendations about how the investment should be spent, with every region expected to deliver significant increases in new social housing.

Ms Cooper said: "This increased investment means that housing associations and councils can start planning now for more affordable homes in their area."

The Department for Communities and Local Government had allocated the money between the nine English regions by a needs-based formula, following consultation with regional assemblies.

This formula is made up of indicators including the number of households in temporary accommodation, the number of overcrowded and shared households and; the condition of local authority and private sector housing stock.

In addition further support for affordable housing is provided through Section 106 and other programmes.

The government is also promoting further ways to fund more shared ownership homes through local housing companies and agreements on public sector land, as well as through Housing Corporation funds.

This year, for the first time, areas in the north of England are being encouraged to bid for additional homes and jobs in their areas.

              See also:                           

                            • Scrap right to buy, says council boss (10 October 2007)
                            • Spending review ignores rural issues (9 October 2007)
                            Watchdog welcomes housing pledge (13 July 2007)
                            Civil servants debate housing crisis (11 July 2007)
                            Councils 'could provide more homes (3 July 2007)
                            PM Brown says homes are priority (27 June 2007)
                            Housing nightmare 'already here' (13 June 2007)
                            • Pressure builds over rural housing (8 June 2007)
                            

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