To September 2023, 15,765 homes—of which 77 per cent are for social rent—were delivered towards the 110,000 target. The United Kingdom budget has meant that our UK capital funding will fall by 10 per cent in real terms between 2023-24 and 2027-28.

Inflationary pressures, Brexit impacts and wider market conditions have triggered a rise in construction costs and workforce challenges.

We remain focused on our target of delivering 110,000 affordable homes by 2032. To support that, we are bringing forward to 2024 a review that was scheduled for 2026-27, with a focus on deliverability. We are also accelerating work with the financial community to boost private sector investment.