Chancellor pledges extra £500m for social homes in budget

Chancellor pledges extra £500m for social homes in budget

Treasury plans £5bn total investment in housing supply and a reduction in discounts under the right-to-buy scheme

The Treasury has announced an extra £500m for social homes in the budget, in what appears to be a compromise with the housing department, led by Angela Rayner, over the scale of ambition required in the sector.

The promise of an additional £500m for the government’s affordable homes programme (AHP) is intended to add up to 5,000 extra social homes. The Treasury said it will bring total investment in housing supply to £5bn.

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