We welcome the Government’s decision on the post-2020 rent settlement and the announcement of an additional £2bn funding pot for much needed affordable homes.
With a housing crisis of unprecedented proportions, only building around half of the 250,000 homes needed each year, the extra investment is long overdue. Social homes have been in particular short supply in recent years, plummeting from 36,000 starts in 2010-11 to just over 3,000 next year.
John Carleton, executive director of property investment at Orbit, said:
“The announcement of an inflation-linked rent settlement for the period 2020-25 provides much needed certainty for the sector. This settlement also allows further capacity to deliver much needed homes.
As a sector we already deliver around a third of all new homes each year, with a housing offer for everyone. Orbit was the largest developer of social homes in the sector in 2016-17, building a total of 534. We have a long-term commitment to ensuring all generations can live in a home they can afford – we can and want to do more and the additional £2bn funding announcement will go some way to help.
Housing associations can play a vital role beyond fixing the ‘broken’ housing market, doing what matters most - creating thriving and sustainable communities. Now we must continue to forge strong relationships with local authorities and combined authorities as well as private housebuilders, as we look to utilise this extra funding and deliver the homes this country needs.”