On the 12th of February 2024, the government allocated an additional £3 Billion to the Affordable Homes Guarantee Scheme, creating even more opportunities for affordable housing. Also, the scheme has been expanded to fund the improvement of existing properties, which has never been an option before.
What is the Affordable Homes Guarantee Scheme?
The Affordable Homes Guarantee Scheme 2020 offers loans to support investment in homes across the nation. Both new and existing dwellings can benefit from these long-term and flexible loans. The goal is to enable housing providers to build more affordable houses. Eventually, this will lead to more people being able to own their own homes.
The scheme is already helping 12 providers to deliver 6,290 new homes following its launch in 2020. Thousands more houses are due to be built throughout the rest of the decade.
A £3 Billion Boost
On the 12th of February, an extra £3 Billion was injected into the AHGS, bringing the total fund up to a huge £6 Billion. The new funding will be put towards 20,000 new affordable homes across the country!
Also, as of this recent expansion, the grants can now fund energy-efficiency upgrades in existing homes. For instance, loans may be used to install solar panels or to pay for vital building safety works. These improvements could bring down energy bills, potentially saving hundreds each month for homeowners.
Between the extra funding and the existing building work, the AHGS is making waves across the country. Becoming homeowners is a goal for thousands of individuals, and this scheme is designed to help realise that dream for as many people as possible.
If you would like to find out more about the Affordable Homes Guarantee Scheme, you can read about it in the Government’s Press Release.
