Homes England to receive share of £10bn cash boost for financial investments
The chancellor has announced Homes England will receive a share of £10bn aimed at financial investments.
The chancellor has announced Homes England will receive a share of £10bn aimed at financial investments #UKhousingRachel Reeves told parliament earlier today that the cash was available because of changes in debt rules.
She said: “Last autumn, I enabled greater use of financial transactions to support investment in our infrastructure, alongside strict guardrails that ensure that money is spent wisely through our public financial institutions.
“And so, in line with that commitment, I’m providing an additional £10bn for financial investments, including to be delivered through Homes England, to crowd in private investments and unlock hundreds of thousands more homes, homes built by a Labour government, homes built for working people.”
The funding windfall for the government’s housing and regeneration agency came after Ms Reeves confirmed last night’s announcement of a 10-year, £39bn injection into the new Affordable Homes Programme (AHP).
She said: “I am proud to announce the biggest cash injection into social and affordable housing in 50 years, a new AHP in which I am investing £39bn over the next decade – direct government funding to support housebuilding, especially for social rent.
“And I am pleased to report that towns and cities, including Blackpool, Preston, Sheffield and Swindon, have already had plans to bring forward bids to build those homes in their communities.”
A 10-year social rent settlement that will set a rent policy for social housing from 2026 and enable providers to borrow and invest in new and existing homes while also protecting social housing tenants was also revealed yesterday.
Rents will rise at the Consumer Price Index + 1% from 2026, and a consultation will follow shortly on how to implement social rent convergence.
The government will also scrap a 200-year-old law that makes rough sleeping a criminal offence in England and Wales.
The outdated Vagrancy Act 1824 will be axed for good by spring next year, and more financial support will be provided to tackle homelessness.
You can read all the sector’s responses to the Spending Review here.
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