Chancellor pledges extra £500m for social homes in budget

Treasury plans 5bn total investment in housing supply and reduction in discounts under right-to-buy scheme

The Treasury has announced an extra 500m for social homes in the budget, in what appears to be a compromise with the housing department, led by Angela Rayner, over the scale of ambition required in the sector.

The promise of an additional 500m for the government's affordable homes programme (AHP) is intended to add up to 5,000 extra social homes. The Treasury said it will bring total investment in housing supply to 5bn.