UK Government Spending Review: Our asks to the Treasury
We are calling on Chancellor of the Exchequer Rachel Reeves MP to commit to long-term funding for affordable housing in the upcoming Spending Review.
This includes the need for bold, long-term reforms rather than short-term fixes to tackle the housing crisis which has left more than130,000 people on housing waiting lists across the South West.
The Spending Review will set out the Government’s spending priorities for the next three years. And as part of the development process, Homes for the South West has supported a joint submission to the Treasury’s open portal calling for representations to stakeholders on what should be considered.
Our joint submission marks the first time that Homes for the South West, together with seven housing partnerships in devolved regions across Yorkshire, Greater Manchester and Merseyside have come together in a united call for action.
Together, members of these groups own and manage 1.7 million homes.
Our broader policy asks
The submission sets out how long-term certainty of funding is the only way the social housing sector can build at the scale needed to support the Government in achieving its 1.5 million homes target.
The reclassification of housing investment as infrastructure spend would deliver this long-term certainty by putting an end to stop-start funding cycles which have stifled housebuilding and economic growth for decades.
As well as building new homes, we are calling for the renewal of existing towns to breathe life back into communities, create jobs and support local economic growth.
We have also proposed two clear funding pots to simplify and accelerate housing investment – one for new housebuilding and another for improving existing homes.
Commenting on the submission, Louise Swain, Chair of Homes for the South West, said:
“To tackle the housing crisis and grow the economy, the social housing sector desperately needs long-term investment.
“That’s why we’ve made this joint submission setting out the changes needed to unlock housebuilding and protect social housing. Through these reforms, we can create a proactive and sustainable approach to housing for the next decade and beyond.
“With this crucial Spending Review approaching, now is the time for Government to act.”
The housing crisis in focus
Our submission comes at a crucial time as the Government prepares to set out its spending priorities for the coming years. Over the past 25 years, the South West has seen a 400% rise in house prices, while median wages have increased by just 83%.
With housing demand soaring, costs rising, and the climate crisis requiring urgent action, we are urging ministers to seize this opportunity and work with the sector to build a housing strategy that delivers for people and communities, as well as the economy.
