Funding boost announced for Welsh housing

According to a recent announcement by the Welsh Housing Minister, Julie James, the housing sector in Wales is set to benefit from a funding boost of some £175M, bring the total sum of spending within this area to £400M in the 2020-21 year.

Going into further detail, this boost in funding will be partially focussed upon social housing with £48M, out of the £175M, worth of investment being dedicated towards said social housing, bring the total amount of spending that will be dedicated to it during the 2020-21 year to £223M.

Furthermore, the remaining £125M within this funding boost has been drafted for spending in specific areas such as the sum of £50M which is being dedicated to fund housing loans, which will help Registered Social Landlords build social housing and decarbonise existing homes.

Adding to this, £35M is being allocated to the Help to Buy Wales scheme, which helps people to achieve home ownership, while £25M is being reserved to extend the Innovative Housing Programme, £10M is being spend on adoption of MMCs, and £5M is being invested in the Land Release Fund.

Minister James stated: “Housing is a key priority for the Welsh Government, and this is reflected in our draft budget for 2020-21.

“We want everyone to live in a home that meets their needs and supports a healthy, successful and prosperous life. Good-quality homes are the bedrock of good communities and form the basis for individuals and families to flourish in all aspects of their lives.

“I am delighted we are investing an additional £175M in housing schemes from April, taking total investment in new housing to £400M.

“This will help ensure we build more of the social and affordable homes that people need across Wales.”

This injection of additional funding has brought the total amount of spending upon housing within Wales, during the assembly term of the current Welsh Government, to an immense figure of £2Bn.

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