Greater Brighton has today welcomed the announcement of a multi-billion pound boost to social housing across England.
In a press release issued today around 23,000 new affordable homes will be delivered through a £1.67 billion government investment deal. This will include at least 12,500 social rent homes in high cost areas in a move to support families struggling to pay their rent.
This is part of the government’s £9 billion investment in affordable homes, £1.67 billion of which was announced in March 2018 for London. This latest funding will deliver homes across the rest of the country.
The Communities Secretary James Brokenshire also heralded a new generation of council housing by inviting local authorities to bid for a share of £1 billion extra borrowing to build much-needed homes. This £1 billion borrowing cap raise will be split equally between London and the rest of England.
Local authorities have requested this extra financial flexibility, which will be allocated to those in areas with the highest affordability pressures to ensure homes are built where they are needed most.
These new measures are part of the government’s ambitious plans to build 1.5 million new homes by 2022 through planning reform and targeted investment.
A bidding process will now begin for both programmes, with successful bids for the affordable homes funding notified throughout the year. A list of successful councils who have had their borrowing caps increased will be announced in due course.
A spokesman for Greater Brighton Economic Partnership said: “Providing our nearly one million residents with quality affordable homes is a key aim of Greater Brighton. It is only by providing people with places to live that we can reach our potential as an economic region on the up.
“Partners know that with the challenges of a growing population, increased demand and rising prices it is only by working together that we can come up with positive and workable solutions.
“While we welcome the government’s announcement today we look forward to receiving further detail as to how the bidding process will work.”