HCA budget slashed by £230 million
Potential first-time buyers are learning that the body charged with the ensuring the provision of affordable housing in the UK has had its budget slashed by £230 million as part of a government plan to curb public spending.
The Homes and Communities Agency will need to withdraw funding from a number of projects in this area and another £680 million is said to be in doubt.
As a result of the cuts, £100 million will be taken out of the affordable housing programme, £50 million comes out of the Kickstart budget and £50 million is removed from the housing market renewal scheme.
Sir Bob Kerslake, the HCA's chief executive, said he hoped the impact of the changes would be minimised in the long run.
News of the cut in agency funding that may have been earmarked for affordable housing might encourage more people to consider looking for property to rent in the London borough of Southwark or elsewhere in the country.
By Martyn Glynn
Published 26th May, 2010
© 2010 Estates IT Limited
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More people may consider looking at property to rent in the London borough of Southwark or elsewhere in the country after the government cut £230 million from the Homes and Communities Agency budget, which goes towards creating affordable houses.