The government has announced a £20 million investment to boost community-led housing, supporting the construction of more than 2,500 new homes over the next decade.
This initiative will provide funding for community land trusts and housing cooperatives, empowering local groups to design and build affordable homes tailored to their area’s needs.
Housing and Planning Minister Matthew Pennycook (main picture) described the move as a key step in delivering social and affordable housing while giving local communities greater influence over planning decisions.
The investment, part of the government’s wider Plan for Change, aims to address critical barriers to community-led housebuilding, including access to land and finance.
MORE MEASURES NEEDED
However, property experts are keen to see further measures to support first-time buyers. Colleen Babcock, property expert at Rightmove, welcomed the investment but emphasised the need for broader affordability measures.
She says: “This first step towards more affordable housing is much needed for those struggling to save for a deposit and buy a home.
“Our data shows that a typical first-time buyer in Britain now faces average monthly mortgage payments of £940 – up 59% from £590 five years ago – while rents have risen by 40% in the same period.
“We’re keen to learn how the government plans to use this initiative to support first-time buyers or introduce further incentives to help them onto the housing ladder.”
