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UK Government Announces £3 Billion Boost for Affordable Housing Scheme

Publish Date: 12/02/2024

The UK government has announced a £3 billion increase in funding for the Affordable Homes Scheme. This expansion aims to deliver 20,000 new affordable homes across the country.

  • The Affordable Homes Scheme offers low-cost loans to housing providers, enabling new construction projects and property upgrades.
  • Providers can now access funding for upgrading existing properties, with a focus on improving building safety standards, including the removal of hazardous cladding.
  • The scheme also supports initiatives to make homes more energy-efficient, potentially reducing utility costs for tenants through investments in technologies such as solar panels.
  • Financing for these loans is facilitated through a capital markets bond program, underwritten by a guarantee from the Department for Levelling Up, Housing and Communities.
  • The government's commitment to the Affordable Homes Scheme underscores its efforts to address the housing shortage and improve living conditions across England.

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