At the Conservative Party Conference yesterday, Theresa May pledged an extra £2bn for affordable housing, bringing the total budget for affordable housing to nearly £9bn. The government will encourage councils and local authorities to bid for this money to build homes.
“Help is on the way” for those trying to buy or rent, and those who have been waiting years on a council list, according to May.
The Prime Minister also addressed housebuilders directly, trying to “send the clearest possible message” that the government will “make sure land is available and that young people have the skills we need,” in return for housebuilders building the houses the country needs.
This development will give councils new freedoms to build homes, but they will also have to examine local need and adhere to the target of more houses being built. This has been called the “rebirth of council housebuilding” by Damian Green, Deputy Prime Minister.
With extra funding being put into affordable housing, housing associations and the sector in general will be given the opportunity to unleash further potential, and the homes needed in country will be delivered more easily.
Obviously this will be a huge construction project, with the government hoping to supply around 25,000 more homes! But Theresa May has stated that it is “her mission to solve this problem.”
Is this the start of something new in housebuilding? Hopefully the construction industry will see a considerable boost as an outcome of May’s pledge.