London Affordable Housing Starts Drop 66% Amid Crisis

Affordable housing developments across various regions face differing challenges and progress. In London, the G15 group reports a 66% drop in new affordable home builds over the past two years, citing increased building costs, labor shortages, and heightened safety standards as key obstacles, and calls for urgent government action in the upcoming Spending Review. Conversely, Henrico County in Virginia has launched a $60 million Affordable Housing Trust Fund, aiming to reduce home prices for first-time buyers through public-private partnerships, with 72 homes currently under construction and a focus on buyers earning 60-120% of the area median income. In the Liverpool City Region, a £6.1 million project is underway to deliver 26 new affordable homes with shared ownership and Rent-to-Buy options, supported by the Brownfield Land Fund and Homes England. Richmond Council is also advancing affordable housing with plans for over 250 new homes, including social housing and shared ownership, emphasizing community retention and inclusivity. These initiatives illustrate a mix of funding strategies, government support, and innovative ownership models to address the affordable housing crisis in both the UK and the US.