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Chancellor Rachel Reeves has announced a £39 billion Affordable Housing Programme, marking the largest investment in social and affordable housing in the UK in half a century. The initiative, developed in collaboration with Deputy Prime Minister Angela Rayner, forms part of the Government’s broader strategy to tackle the national housing crisis.
The programme includes an additional £10 billion for housebuilding and introduces a 10-year rent settlement aimed at providing long-term financial certainty for housing associations. Sector leaders have described the plan as “transformational,” citing its potential to unlock stalled developments, attract private investment, and accelerate delivery.
The Government has set a target of building 1.5 million new homes over the next decade, with a focus on social rent and affordable ownership. The investment is also expected to support infrastructure upgrades and land remediation to enable large-scale development across high-demand regions.
Rachel Reeves MP, UK Chancellor of the Exchequer Picture by UK House of Commons
