Earlier this week a press release from the government is being hailed as a protection for the ‘Affordable Home Scheme’ which has faltered due to the coronavirus.
On July 6th, Housing Secretary Robert Jenrick announced a year extension up to March 2023, to help with the unavoidable delay that the construction industry and planning offices have suffered over the last few months. Originally, the £9 billion scheme needed work on the houses to be started by March 2022. The extension applies to homes which are under contract to be delivered in the affordable homes programme only. However, an additional extension is also being applied to planning permissions, which normally expire after three years if work has not been started onsite. This consent extension will affect 24,000 new homes that would have expired during lockdown.
According to the press releases, the government have delivered more than 1.5 million new homes since 2010, with 460,000 of them being classed as affordable.
Two weeks ago, the government announced a further £12 billion project, with prioritisation for first-time buyers and key workers, with a 30% discount. The discount will be locked into the property in perpetuity, thus keeping them affordable for generations.