This is a meaningful Budget for the affordable housing sector, with positive signs that housing, particularly affordable housing, is being prioritised by the government. This reflects a recognition of how crucial community building is for social cohesion and the economy.

As highlighted in the Radix Big Tent Housing Commission’s recommendations last week, a prompt rent settlement is essential for the affordable housing sector and for Registered Providers. Equally important is the extension of the Affordable Housing Program (AHP) through 2026.

Housing delivery and community creation require sustained focus and time. Addressing challenges to operating capital, such as retrofitting, zero-carbon commitments, and stock condition, through a stable rent settlement, while also allowing Registered Providers to tap into an expanded AHP, is critical.

These steps will help Registered Providers and others in the affordable sector increase their housing delivery, emphasising the need to build from the ground up with affordable housing that includes social rent options.

The Budget may have wider implications for land supply and development, such as potential changes to tax provisions on agricultural land. Land prices could respond to these shifts. Overall, however, the outlook for residential provision in the UK is more positive, with affordable housing as a core focus.