Date published: 11 June 2025
Rachel Reeves, the Chancellor of the Exchequer, today announced the budgets set for all government departments over the next few years.
Ahead of her speech in Parliament, it was confirmed this would include £39bn for the Affordable Homes Programme and a 10-year rent settlement at CPI+1 - a welcome boost that provides the sector with long-term certainty.
Reacting to the announcements, Stonewater Chief Executive Nicholas Harris said: “It’s clear that the Government still has some big fiscal challenges to navigate. But few issues are more important than fixing the housing crisis and making sure people have access to safe, affordable homes.
“There are currently far too many individuals and families stuck on housing waiting lists. Not having a stable place to call home can seriously affect a person’s prospects, wellbeing and overall happiness.
“It is hugely reassuring to see long-term funding for affordable homes of £39bn. This programme has been instrumental in helping Stonewater deliver thousands of much-needed homes across the country, including some developments with over 100 affordable homes. Support for this work must continue to give housing providers like us the confidence to plan long-term, invest in ambitious developments and deliver the homes communities urgently need.
“The new rent settlement at CPI+1 gives us much greater financial stability and certainty, which will be vital when planning our long-term investments and goals. This gives us an assured income stream and will unlock significant capital investment that will help us to deliver new homes and support existing customers. We sincerely hope that the Government stands by this settlement to provide much-needed certainty for the sector.
“The Warm Homes Social Housing Fund has facilitated hundreds of retrofit projects across Stonewater’s existing homes, making properties across the country more sustainable, energy efficient and warmer, while reducing bills for customers. We await to hear more detail of any continued funding of the Warm Homes Social Housing Fund confirmed in the Spending Review, but welcome the reassurance that the Government still values the positive impact that retrofit projects have made to customers’ lives. We look forward to continuing to support this essential work as we move forward on the journey to Net Zero.
“Today’s Spending Review announcements are important. We have built relationships with both national and local government, which put us in a strong position to make the most of the announcements to deliver homes for those who need them most. We look forward to the imminent publication of the Housing Strategy, which will give us further detail on the Government’s plans for affordable housing moving forward.”