UK Government Invests £2 Billion for 18,000 Affordable Homes

The UK government has announced a £2 billion investment to construct up to 18,000 social and affordable homes in England, part of its commitment to deliver 1.5 million homes by the end of the current parliamentary term. Construction is set to begin in March 2027 and aims for completion by 2029, with the initiative being a central pillar of Prime Minister Keir Starmer's Labour Party's economic strategy to address the ongoing housing crisis. Housing Minister Angela Rayner emphasized that this investment will help families secure homes and access the housing market, as median house prices remain significantly high compared to incomes. The funding follows a separate £600 million package aimed at tackling skills shortages in the construction industry, which includes training for up to 60,000 workers. The government plans to outline further long-term housing investment in its upcoming spending review in June. This announcement coincides with the impending expiration of temporary tax incentives for first-time buyers, raising concerns about accessibility in the housing market.