The UK government have shown that they are committed to helping the younger generation get onto the property ladder, allocating £8.6bn to build approximately 119,000 affordable homes.
- 57,000 homes will be available to buy
- 29,600 properties will be delivered for social rent
- 6,250 will be rural homes
The introduction of the Affordable Housing Programme is due, in part, to the shortage of homes being built over the course of the pandemic and aims to make house buying more realistic for families.
Lockdown and Brexit have taken a toll on house building in the UK over the last 18 months, as shutting down construction sites has delayed projects and led to disruption along the supply chain for materials, whilst there have been fewer workers available to complete work.
There has been a fall in completions of new build homes by 11% since last year, whilst the supply-demand imbalance has made homeownership more difficult for first-time buyers, in particular.*
What does this mean for you?
If you’re struggling to get onto the property ladder, this may be the perfect scheme to take advantage of.
Need help or want to know if you’re eligible?
Visit: https://www.gov.uk/government/news/86-billion-for-affordable-homes-to-give-boost-onto-housing-ladder
Or, to discuss your house buying options, talk to our local team today.
*Zoopla
