Graham Levinsohn reacts to today's budget

Graham Levinsohn, CEO of Sureserve, one of the UK’s leading energy and compliance services provider to the social housing sector, commented on the Chancellor’s announcements:

“These announcements today mark a significant step forward for the social housing sector and will go far to answer some of the longstanding demands for more substantial support.

“There is a commitment to build 5,000 new and affordable social homes. This, plus the injection of half a billion pounds into the Affordable Homes Programme, indicates that this Labour government is serious about addressing the ongoing housing crisis and tackling the shortage of affordable housing options head-on. 

“The decision to cap rents with a new five-year social housing rent settlement and the reduction in Right to Buy discounts are significant. These moves will provide better financial stability for social housing residents and will keep more homes within the social housing sector for those who really need them.

 “Investing in the fabric of existing housing stock to bring it up to the necessary standards will be key to ensure not only the rent, but the energy and heating of the home is affordable too.

Additionally, allowing councils to retain 100% of Right to Buy receipts should encourage local authorities to reinvest in their housing stock alongside building more homes to meet ever-growing demand during this cost-of-living crisis. There are still gaps in enabling the meeting of targets set for improving existing social housing stock, and this would be a welcome source of funding to work towards addressing this.  

“While the announcements today are all promising steps, what the sector needs is consistent long-term funding, a focus on improving existing stock, and policy stability to realise the full potential of this so-called proposed "social and affordable housing boom." We look forward to further collaboration with the government to ensure these plans truly support millions of people in accessing safe, affordable, and quality social housing.”