20,000 new homes to be built to help housing crisis

As part of the Scheme, providers will be able to apply for loans to help make homes fit for the future including energy upgrades (such as solar panels) which could potentially save hundreds of pounds. The grants can also be used to carry out vital building safety work, like removing dangerous cladding.

Backed by the Department for Levelling Up, Housing and Communities (DHLUC), the now £6 billion fund will allow providers to expand their business, build more affordable homes and upgrade their existing stock and Housing Minister, Lee Rowley stated the UK Government knows getting cost-effective loans can be a stumbling block for many developers.

Commitment to get Britain building

Launched in 2020, the scheme has helped 12 providers to deliver 6,290 new homes, with thousands more to be built in the coming years. This fits into the UK Government’s manifesto to commit to building 1 million homes during this Parliament, however, there is still a long way to go to resolve the country's housing crisis.

The lack of housing stock remains an issue with mounting pressure on the private rented sector to house the UK's population. Although, reaffirming the UK Government’s commitment to building more homes, the Secretary of State for Levelling Up, Housing and Communities, the Rt. Hon Michael Gove, MP, announced the publication of a new National Planning Policy Framework (NPPF) on 19 December 2023.

He has promised to act against councils that miss deadlines to submit their housing plans, although an infrastructure-first approach is needed, alongside providing more resources to local authorities, to deliver the UK Government’s reforms as part of the Levelling Up and Housing Regeneration Act 2023 and build homes that the country desperately needs and communities where people want to live and work.