Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.

Government Allocates £39bn to Social and Affordable Housing Programme

The government has launched a £39 billion programme aimed at supporting families in temporary accommodation or waiting for council homes. Nearly £10 billion in funding was announced on 25 August to build more than 70,000 social and affordable homes across England.

The funding will be distributed to 33 strategic partners, including councils, housing associations, and other providers. Councils will also become strategic partners with Homes England, giving them a larger role in the delivery of new homes. According to the announcement, around 60% of the homes funded through these partnerships are expected to be for social rent, which is the lowest-cost form of rented housing.

The government stated that more than £2 billion of the newly announced funding is expected to go to mayoral areas outside London. In addition, over £16 billion remains to be allocated outside London over the next ten years, with a focus on prioritising social rent homes and council housebuilding.

A further £46 million will be provided to councils over three years to enhance their skills and capacity for developing housebuilding plans. In London, the Greater London Authority plans to offer at least £6 billion through the programme, with councils expected to deliver more than half of the homes funded in the capital.

This initiative is part of the government’s broader plan to deliver 1.5 million homes during the current Parliament. The programme is expected to have a significant impact on the availability of social and affordable housing, which is relevant for letting agents and inventory clerks managing properties in these sectors.