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Loadsa Money – Spring Statement Throws Cash At Skills Shortage
The Spring Statement heralded lots of budget cuts but loads of money for construction – for housebuilding and to tackle the skills crisis by...
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Spring Statement - £2 Billion For Social Housing
The Chancellor Rachel Reeves claimed in her Spring Statement that she was releasing £2 billion of brand-new investment to support ‘the biggest boost in social and affordable housebuilding in a generation’.
However, she was also forced to state that this level of spending will only generate 18,000 new social and affordable homes. Although, she re-committed to changing planning laws and putting pressure on councils, to build – especially on grey belt sites.
The homes will start construction by March 2027 and will complete by the end of this Parliament, Reeves said.
Skills boost
Revees said helping hard working families get safe and secure homes and her injection of cash is all geared to delivering the Prime Minister’s Plan for Change.
It follows the government’s plan to inspire the next generation of British engineers, brick layers, carpenters and window fitters by training 60,000 construction workers to tackle skills shortages and get more young people into jobs.
More to come
The £2 billion investment boost comes as a down payment from the Treasury ahead of long-term investment in social and affordable housing planned later this year, which will provide additional funding for 2026-27. This forms part of the government’s plan for tackling the housing crisis.
Bids call
The government is encouraging providers to come forwards as soon as possible with projects and bids to ramp up the delivery of new housing supply.
DPM
Homes are a priority for Deputy Prime Minister and Housing Secretary, Angela Rayner. She said: “Everyone deserves to have a safe and secure roof over their heads and a place to call their own but the reality is that far too many people have been frozen out of homeownership or denied the chance to rent a home they can afford thanks to the housing crisis we’ve inherited.
“This is just the latest in delivering our Plan for Change mission to build 1.5 million homes and the biggest increase in social and affordable housing in a generation.”
Reeves added: “At the conclusion of the current Spending Review process on 11 June 2025, the government will announce further long-term investment into the housing sector in England.”
National Housing Federation
Kate Henderson, the chief executive at the National Housing Federation, said: “This funding top-up is hugely welcome. Social housing is the only secure and affordable housing for families on low incomes. Investment in social housing is not only key to tackling the housing crisis, it is also excellent value for money, reducing government spending on benefits, health and homelessness as well as boosting growth. Housing associations are ready to work with the government to deliver a generation of new social homes.”
Charlie Nunn, CEO, Lloyds Banking Group said:
“A safe and lasting home is the foundation for good lives and livelihoods. We welcome this boost to building much-needed social and affordable homes. As the UK’s biggest commercial supporter of social housing, we’re working across the private, public and community sectors to help increase provision of good quality, genuinely affordable housing for those in need.
David Thomas, CEO at Barratt Redrow said:
“To increase construction activity and build the homes the UK desperately needs, we need support for demand across all tenures. As well as providing more much-needed affordable homes, this investment will help unlock mixed-tenure developments and to create jobs and economic growth across the country.”
Stephen Teagle, Chair of The Housing Forum said:
“This additional funding signals that the government is listening to the sector and accelerating the delivery of much-needed affordable housing while driving economic growth. It represents an unprecedented intervention which, when paired with sustained, long-term investment, will be instrumental in meeting the growing demand for affordable homes. Now, it’s up to the industry to rise to the challenge — accelerating delivery, building momentum towards the government’s target of 1.5 million new homes, and ensuring we provide the housing this country urgently needs.”
Picture: Chancellor Rachel Reeves has delivered her Spring Statement which aims to cut costs all over but will deliver £billions for housing.
Article written by Brian Shillibeer
26th March 2025