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Affordable homes scheme to be extended by a further year

Posted: 26th August 2020   In: Residential Conveyancing

The Affordable Homes Scheme, which is designed to get more families on to the property ladder, is being extended for a further year because of the coronavirus pandemic.

It’s estimated that the building of 53,000 new affordable homes has stalled due to delays in the construction industry caused by lockdown.

The Government is stepping in to safeguard funding and make sure these homes are not lost altogether, extending the current Affordable Homes Programme until March 2023.

Homes to be built under the Government’s scheme originally needed shovels to be in the ground by March 2022. However, this latest announcement means that housing associations and councils have a year longer to begin building these homes while still receiving Government support, giving them the flexibility, they need to keep building.

The £12 billion Affordable Homes Programme – which will start next year – will support up to 180,000 new homes, including shared ownership and social rent. The programme will lead to a further £38 billion in public and private investment in affordable housing.

Government measures to support home building include:

Please contact Jackie Hand or Gary Baber if you would like advice about the legal aspects of buying or selling a property.

 

Posted by: Jackie Hand
Residential Conveyancing
Luton Office