Ensuring this money is invested in new homes and communities is essential not just to deliver the homes we need now, but also to make the case for the further, more expansive investment in future housing and infrastructure funds necessary to resolve the housing crisis over the medium to long-term. [...] Between 2017/18 and 2021/22, 70% of new affordable rents were let to tenants in receipt of one of these two benefits, a similar proportion to new social rent lettings (71%).37 In 2022/23, following the pandemic and during the early days of the cost of living crisis this increased to 79% and 78% respectively. [...] The committee suggests that government should assess the capacity of appropriate private investment to build these homes to free up grant funding for social rent.39 The next government should therefore recalibrate these priorities and use public grant in the way most conducive to resolving the housing crisis. [...] To better allow partnerships to deepen and for councils and housing associations to be able to plan for the long-term, the next government should clarify the existence of and the timescales for the next AHP beyond 2026 at the earliest opportunity. [...] Conclusion and recommendations: the pathway to building the homes we need Given the significant challenges to delivering a mass social housebuilding programme, it is important to outline a pathway which demonstrates the vital role the next AHP should play in ensuring we build the type of homes we need in the places we need to build them.
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Table of Contents
- Introduction 1
- Figure 1 Social tenants are better protected from economic insecurity 2
- Percentage of disposable income spent on housing costs in 201920 and 202223 by tenure 2
- Taking steps to ensure grant money is spent 3
- Switching to social rent 5
- The demise of new social rent homes from 2011 and the problems with affordable rent 6
- Figure 2 Numbers of new grant-funded affordable homes especially those for social rent have collapsed since the coalition government 6
- Affordable housing completions funded by grant England by tenure 199192 to 202223 6
- Figure 3 Supply of shared ownership and affordable rent homes are closely aligned with projected levels of need while social rent lags way behind 8
- Affordable housing need by tenure under different scenarios and 202223 supply 8
- Counting the cost of affordable rents to tenants and central government 8
- Figure 4 Average English affordable rents are 31 more expensive than average social rents and are even less affordable in London and the south-east 9
- Average affordable and social rents by region 202223 9
- Figure 5 Social housing is most effective at reducing costs for low-income households in London 10
- Average social and affordable rent for a two-bedroom housing association property as a proportion of median private rents in 202223 by region 10
- Figure 6 Over a third of affordable rent stock was built before the tenure was introduced in 2011 11
- Completion date of housing association affordable rent stock as of 202223 11
- Figure 7 English private rents are rising almost four times faster than inflation 11
- Change in inflation indices since April 2019 for English private rents social rents and CPI 11
- Ensuring supply matches demand 12
- Other vital steps to reform the AHP 13
- Conclusion and recommendations the pathway to building the homes we need 15
- Figure 8 The next AHP should play a vital role in upscaling housing supply 15
- Affordable housing completions 199192 to 202223 and assessments of housing supply need 202425 to 203627 15
