The Welsh Government has announced it will put £325m towards the building of new social homes, as part of its Draft Budget.

It is part of a “total investment of over £1bn capital up to 2024-25 to support delivery of our key commitment to build 20,000 low carbon social homes for rent,” the Welsh Government says.

Also announced is an additional package of £27.5m revenue up to 2024-25 to boost investment in Homelessness Prevention and Housing Support across Wales.

And on building safety, the draft budget has £6.5m revenue and a total of £375m capital up to 2024-25 – helping to remediate all buildings.

Also announced was:

  • £60m in Market Housing to address housing needs and boost house building
  • £8.5m in Homebuy to support shared equity home ownership;
  • £3.5m investment to lease properties in the Private Rental Sector for use by local authorities to discharge their homelessness duties

Stuart Ropke, Chief Executive, Community Housing Cymru, said: “We are pleased that Welsh government has stepped up and met the challenge we laid down by providing record breaking funding of £310m rising to £325m by 2024/25 to provide the social homes Wales needs. The pandemic has shown us that a warm, safe and affordable home has never been more important.

“The longer term certainty and substantial additional funding in today’s announcement will support housing associations in their work to build thousands of homes over this Senedd period.”