Website of the UK government

Please note that this website has a UK government accesskeys system.

Public services all in one place

Main menu

Newsroom

£8 billion investment in homes for the future

  • Published: Monday, 23 July 2007

Families and first-time buyers will benefit from major investment of £8 billion for affordable housing and ambitious new reforms to drive up the supply of both low cost and social homes, Housing Minister Yvette Cooper has announced today in the launch of the Government’s Housing Green Paper - 'Homes for the future: more affordable, more sustainable'.

3 million more homes by 2020, at least 70,000 affordable houses a year by 2010-11

The Paper sets out our plans for three million new homes by 2020. The plans include:

  • More homes – backed by more ambitious building targets, increased investment, and new ways of identifying and using land for development
  • More social housing – ensuring that a decent home at an affordable price is for the many, not the few
  • Building homes more quickly – by unblocking the planning system and releasing land for development
  • More affordable homes – by increasing the options for low cost home ownership and more long term and affordable mortgage products
  • Greener homes – with high environmental standards and flagship developments leading the way.

A new Green Paper will include new investment, targets and proposals as part of a radical programme to meet the Prime Minister’s recent announcement of 3 million more homes by 2020. It will accelerate action to tackle wealth and housing inequality and support the aspirations of hard-working families, young people and communities. 

New announcements today include the commitment to build at least 70,000 affordable houses a year by 2010-11. This includes 45,000 new social homes a year - more than doubling the amount built each year compared to 2004, and a goal of 50,000 social homes a year in the next spending review.

This is backed by £8 billion investment from the Comprehensive Spending Review for 2008 to 2010-11 - a £3 billion increase over the current spending period.

An additional £300m for transport infrastructure to support new homes was also announced. This comes on top of mainstream transport budgets and the £19 billion already being invested across government in infrastructure in the  South East and East - to ensure we build communities, not just homes.

The government has already put tough new rules in place to protect new homes from flooding and will monitor these rules closely. Councils must consult the Environment Agency on their housing plans. If councils persist with their plans against the Environment Agency’s advice, the government is prepared to take over the decisions. Effective flood defences will be a vital component of new infrastructure.

Further information

Access keys