Huge change for millions of social renters announced in Rachel Reeves’ £500m plan to build homes – how it’ll affect you
Date: 2024-10-30FRESH funding will help to deliver 5,000 new affordable and social homes, Rachel Reeves confirmed today.
At the Budget the Chancellor announced £500 million will be designated to tackling the housing crisis blighting England.
The funding will contribute to the government’s mission to build 1.5 million new homes by the end of this parliament.
It comes alongside new rules restricting the Right to Buy discounts, which allow tenants to buy local authority-owned homes at a discount.
Discounts will shrink from 70 to 25 per cent. Ministers insist the change will protect social housing stock.
WATCH RACHEL REEVES ON NEVER MIND THE BALLOTS
By Ryan Sabey, Deputy Political Editor
RACHEL Reeves will be grilled in a special Budget edition of The Sun’s Never Mind The Ballots show today.
Our Political Editor Harry Cole will put the Chancellor on the spot shortly after she’s finished delivering her crucial address in the House of Commons.
It will be available to watch on thesun.co.uk, YouTube and Sun social channels at 5.30pm.
Topics will include her decision on whether to spare motorists a fuel duty rise, and the expected eye-watering tax rises she will impose.
Since its launch earlier this year, NMTB has cemented its place at the heart of British politics.
During the General Election campaign The Sun was the only print publisher to host back-to-back grillings of Rishi Sunak and Sir Keir Starmer.
Footage from The Election Showdown has been viewed over 15 million times.
NMTB has also featured interviews with ex-PMs Boris Johnson and Liz Truss, as well as senior politicians Nigel Farage, James Cleverly, Wes Streeting, Steve Reed and Bridget Phillipson
There will also be greater protections placed on newly-built social housing and town halls will be able to keep 100 per cent of the payment generated by a Right to Buy sale.
The money will be used to speed up the construction of new social homes.
The Chancellor said: “We need to fix the housing crisis in this country.
“It’s created a generation locked out of the property market, torn apart communities and put the brakes on economic growth.
What help is available?
IF you rent from the council or a housing association, you can get help if you’re having problems affording your rent.
If you miss a rent payment, you’ll fall into ‘arrears’ and owe your council or housing associations.
Fail to pay back what you owe and you could be evicted.
If you can’t afford your next rent payment, you should talk to your landlord as soon as possible.
Call them and explain why you’re struggling.
Your landlord may be able to grant a temporary payment holiday or signpost you to other forms of help.
It’s worth asking if you can get a discretionary housing payment.
This provides extra money from your local council to help pay your rent – you don’t need to pay it back.
It’s always worth checking if you’re getting any benefit payments you’re entitled to.
You can use several free calculators, such as Gov.uk, Citizen’s Advice, MoneySavingExpert, StepChange, and Turn2Us, to help you get an estimate.
“We are rebuilding Britain by ramping up housebuilding and delivering the 1.5 million new homes we so badly need.”
Housing Secretary Angela Rayner said: “We have inherited a housing system which is broken, with not enough homes being built and even fewer that families can afford.
“This is a further significant step in our plan to get Britain building again, backing the sector, so they can help us deliver a social and affordable housing boom, supporting millions of people up and down the country into a safe, affordable and decent home they can be proud of.”
What Is Right To Buy?
RIGHT to Buy was introduced in 1980 by Prime Minister Margaret Thatcher’s Conservative government.
The scheme allows people renting council homes (owned by local councils) to buy their homes at a discount.
The longer you’ve lived in the property, the bigger the discount—up to 70 per cent off.
It was designed to help tenants become homeowners, and millions of people have used it.
However, the scheme has also led to a large reduction in available council homes, as many were sold and not replaced.
This has contributed to a shortage of affordable housing for people in need.
