Labour’s housing initiative aims to deliver 1.5 million new homes within the first five years, providing a much-needed boost to affordable housing, developing new towns, and ensuring first-time buyers have the first opportunity to purchase.
According to Labour.org, the party has a plan to “get Britain building again” by implementing a new approach that will provide affordable housing, enhance infrastructure, and revitalise green spaces.
According to Sky News, Housing Secretary Angela Rayner says the housing crisis is “urgent” and that the annual target for building homes would rise from 300,000 to 370,000, however the target for London would decrease from 100,000 to around 80,000.
Ms Rayner announced the government is updating the method for determining housing needs in local areas to more accurately reflect the current demand. The rules will require 50% of new housing to be affordable along with a focus on social rent. She said that councils will receive £450 million to build 2,000 new homes, using funds from the local authority housing fund.
Leigh Young, Co-Founder of Elliot Leigh comments, “I welcome the new Government’s desire to show progress in tackling the housing crisis. The property sector has previously been significantly impacted by instability, and an expansion of affordable housing opportunities along with a rise in new properties is essential to accommodate the increasing demand for housing among tenants of all backgrounds.”
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