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5 Year Plan to Tackle Homes Affordability in UK

Homes England has specified how it will use a five-year Strategic Plan to improve home affordability across the country.

The plan, which will be in effect until 2022-23, provides an overview of the national housing agency’s new mission and the steps it will take to deal with the ongoing housing challenges in England. The plan establishes delivery objectives like the following:

  • Make private and public land available to build more homes where they are needed
  • Make a wide range of investment products available to support infrastructure and housebuilding, including homes for rent and affordable houses in areas where the market is not acting
  • Increase construction productivity
  • Make the market more competitive and resilient by supporting new entrants and smaller builders, and advocating for higher quality and better design in homes
  • Offer specialist support for priority areas, helping to put together and deliver more ambitious plans to build homes
  • Providing an industry standard service to buyers by delivering products related to home ownership

Structural Defects Insurance

Homes England Chairman Sir Edward Lister said that the housing market needs to be disrupted to support home affordability. He confirmed that Homes England would be creative, bold, and think big and expressed hope that the entire housing sector would join his organisation for the future.

Homes England Chief Executive Nick Walkley added that they were committed to boosting housing supply, innovation, productivity, skills, quality, and modern construction methods to support a more resilient and diverse market. In return, Homes England is calling for partners that share its ambition to support home affordability and build homes faster.

The five-year Strategic Plan appears in the wake of the Budget confirmation of seven more housing association partnerships, which will build 13,475 more affordable homes by March 2022.

These new partnerships will obtain £653m worth of funding from the Affordable Homes Programme and deliver properties through Homes England, including social rentals in areas where affordability is a problem.

This is in addition to the eight partnerships announced back in July, bringing the total number of affordable homes being delivered to 27,755.

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