Key facts
- Chancellor John Healey pledges over £1 billion for social and affordable housing.
- The funding is part of a 10-year homes programme exceeding £40 billion.
- Regional leaders will receive increased powers and funding, including preferential borrowing rates.
- An initial £285 million will be allocated next year for mayors and local leaders.
- A £1.5 billion borrowing facility is planned from 2028 for regional capital access.
- The housing investment is expected to deliver up to 10,000 new homes.
Chancellor John Healey is set to announce more than £1 billion in new funding for social and affordable housing in England as part of his first Budget. This investment aims to boost the government's decade-long homes programme, pushing its total capital investment beyond £40 billion. Regional leaders and mayors are expected to receive greater powers and funding, including preferential interest rates on borrowing from central government to support house-building initiatives. An initial £285 million in transitional seed funding will be allocated next year to support mayors and local leaders, with a new £1.5 billion borrowing facility planned from 2028 to provide regional access to capital for local priorities. The Treasury indicated that this housing investment could deliver up to 10,000 new homes.