Reports suggest top up to SAHP will be paired with preferential borrowing rates for councils
The chancellor is set to dedicate an extra £1bn to social and affordable housebuilding in the Budget, reports suggest.
According to a report on the BBC, the Social and Affordable Homes Programme (SAHP) is set to receive a top-up in John Healey’s first major fiscal event on Wednesday.
It will bring the total value of the SAHP to more than £40bn, with the previous Keir Starmer government having committed £39bn to the ten-year programme.
The first allocations for the SAHP were announced in August, with Homes England handing out £10bn to 33 strategic partners. The Greater London Authority, which handles the programme in the capital, has reportedly informed bidders of its own decisions for the allocation of £6bn.
According to the BBC’s report, Wednesday’s announcement will also include greater powers and funding for mayors and regional leaders across England.
The government will reportedly work with mayors from 2028 to design a new £1.5bn facility for councils and regional bodies to borrow at preferential rates.
This money could be put towards the development of new homes or help fund new transport infrastructure, among other things.
Treasury has been approached for comment.
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