Wales Release Autumn Housing Budget

Wales Release Autumn Housing Budget

There has been much speculation regarding the Autumn Budget and how it will impact the housing market in recent weeks. The Welsh Government have offered details that suggest strong support for housing professionals.

Although the initial announcement indicated a significant increase in NHS spending, local authorities were left considering how they can support their services following the eighth successive budget cut.

Potentially, a huge winner from the budget is the housing market starting with a £45 million investment, shattering the initial £90 million estimate over a three year period, being offered towards the innovative housing programme which aims to stimulate the design and delivery of new quality, affordable homes.

In compliance with the central Government’s wishes to support vulnerable people and reduce homelessness, the budget has focused energy towards improving the situation for many people struggling in this area. £126 million has been given to the Housing Support Grant which helps in homelessness prevention in Wales.

Additionally, the Integrated Care Fund, which aims to help people remain in their homes when they are struggling, has been given an investment increase of £35 million; they will now receive £85 million overall.

Finally, continued annual funding of £108 million to support local authorities and stock transfer organisation in achieving and maintaining the Welsh Housing Quality Standard has been provided through the Welsh Budget.

Commenting on the announcement, CIH Cymru director Matt Dicks said: “This budget reflects Welsh Government’s strong commitment to supporting housing professionals to deliver on the housing aspiration and ambitions of communities across Wales.

“We must remain fully grounded however in the realities facing many of those communities, where poverty, the ongoing impact of welfare reform, in particular, the roll-out of Universal Credit, and access to affordable and suitable housing continue to have a very real impact.

“If this and future budgets are to have a positive effect on these communities it is vital that the ongoing review into affordable housing supply in Wales carries through the momentum of the positive work currently taking place. In our view in relation to the financial planning this must include providing greater certainty to housing providers over long-term funding.”

Whilst the improved funding to the sector and a determination to combat homelessness will benefit many, the concern on how to deliver the needed affordable housing stock through this investment could be a concern moving forward.

Will these investments help improve the housing market? Will this ensure that housing stock is provided?

 

Martin Parrin

Martin is a Senior Content Writer for Today’s Conveyancer, Today’s Wills and Probate, Today’s Legal Cyber Risk and Today's Family Lawyer

Having qualified as a teacher, Martin previously worked as a Secondary English Teacher that responsible for Head of Communications.

After recently returning to the North West from Guernsey in the Channel Islands, Martin has left teaching to start a career in writing and pursue his lifelong passion with the written word.

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