Housing: Finance

Communities and Local Government written question – answered on 9th September 2013.

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Photo of Hilary Benn Hilary Benn Shadow Secretary of State for Communities and Local Government

To ask the Secretary of State for Communities and Local Government how much of his Department's capital budget has (a) been spent on (i) housing and (ii) affordable housing in each financial year from 2010-11 to 2012-13 and (b) will be spent on such housing in each financial year from 2013-14 to 2017-18.

Photo of Brandon Lewis Brandon Lewis The Parliamentary Under-Secretary for Communities and Local Government

holding answer 2 July 2013

DCLG's capital spend from 2010-11 to 2012-13 is set out in the Department's annual report and accounts for these years.

DCLG's capital budgets on housing and affordable housing from 2013-14 to 2014-15 are set out in the Department's 2013-14 Main Estimate Explanatory Memorandum.

Spending Round 2013 set out DCLG's total capital budget for 2015-16 and announced that DCLG will invest £957 million capital spending per annum between 2015-16 and 2017-18 in affordable housing as well as £250 million in 2015-16 and £150 million in 2016-17 in a new Affordable Rent to Buy scheme.

The current spending review's affordable housing programme is levering in a total of £19.5 billion of private and public investment in 170,000 affordable homes, assisted by the innovative affordable rent scheme which has helped increase the level of private investment and thus overall capital spending on affordable housing than would otherwise have been the case.

Up to a further 30,000 affordable homes will be delivered by March 2017, supported by a share of the £10 billion housing guarantees and grant of £450 million.

The £3.3 billion of funding announced in the Spending Round 2013, together with receipts from right-to-buy sales, will lever in up to £20 billion of private investment in affordable housing in addition.

By contrast, I observe the last Prime Minister planned to cut back housing investment, remarking before the general election: “Housing is essentially a private sector activity. Let's be honest about this... I don't see a need for us to continue with such a big renovation programme” (BBC Newsnight, 30 April 2010).

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