Affordable housing to receive £10.2 billion cash boost

18-Oct-2007

The government has announced plans to inject some £10.2 billion into providing more affordable housing around the UK, as it continues its efforts to replenish the country's housing stock.

As part of a plan to build 50 per cent more social houses in the year 2010-11 than are currently being constructed, each region will receive hundreds of millions of pounds worth of funding, amounting to an increase of at least 15 per cent.

Regional Assemblies are to now consider how to spend the money as they attempt to combat rising house prices and help more first time buyers onto the first rung of the property ladder.

The south-east will receive the largest regional share of the supply, £1.37 billion over the next three years, though sky-high prices in London mean the capital alone will receive £3.97 billion over the same period.

"Every region needs more affordable, decent homes - not just to own, but also to rent. 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," said housing minister Yvette Cooper.

"We all need to work in partnership to deliver these houses," Ms Cooper added.

However, the London Assembly Conservative housing spokesperson has this week said that Ken Livingstone's plans to build 50,000 more affordable homes in the capital is "unworkable".

Tony Arbour said that mayor Ken Livingstone had only ever achieved 31 per cent of his affordable housing targets since the goal was introduced in 2003.


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