Today, Chancellor Rachel Reeves presented the first Labour budget of their premiership, representing a significant shift toward addressing both economic challenges and fostering growth throughout the UK. Despite many concerns over how this budget would tackle the £22 billion deficit in public finances, this was a budget revolving largely around investment, with the UK property market receiving plenty of attention in Reeves’ budget. This budget introduces a range of measures aimed at revitalising housing quality, enhancing energy efficiency, and supporting the property sector. Here, we examine the main takeaways and their implications for social housing providers, private landlords, and property investors.
The Warm Homes Plan
One of the most anticipated aspects of this budget is the introduction of the Warm Homes Plan, with an initial commitment of £3.4 billion directed towards heat decarbonization and household energy efficiency over the next three years. Included in this budget is £1.8 billion designated to fuel poverty schemes, which aim to assist over 225,000 households in reducing their energy bills by more than £200 annually.
Furthermore, funding for the Boiler Upgrade Scheme in England and Wales will see an increase over the coming years to meet rising demand. The government is also investing in expanding UK-based heat pump manufacturing supply chains, aiming to make heat pumps a more accessible and sustainable option in the journey towards decarbonized homes.
Ambitious New Housing Goals
In an effort to address the housing crisis, the government has committed to delivering 1.5 million homes by 2029, with a strong focus on affordable housing. As part of this initiative, a £500 million boost to the Affordable Homes Programme will enable the construction of up to 5,000 additional affordable homes. Future grant investments to support affordable housing are set to be revealed in Phase 2 of the Spending Review, ensuring support for various types of housing with an emphasis on social rent options.
This pledge provides social housing providers with a much-needed foundation to plan for long-term investments in affordable housing, which will support housing stability across the UK.
Great British Energy and Clean Energy Goals
With a mission to make the UK a leader in clean energy, the government has introduced Great British Energy (GBE), a public entity dedicated to supporting the UK’s transition to green energy. The budget includes £100 million in capital funding allocated for clean energy project development in 2025-26, along with £25 million to establish GBE as a new company, headquartered in Aberdeen.
Further, the government is setting aside £350 million across 2024-25 and 2025-26 to support Energy Intensive Industries with energy efficiency measures, decarbonization, and technological innovation, emphasizing a sustainable and resilient energy sector.
Reforming Right to Buy
In an effort to protect social housing stock, the government has announced reforms to the Right to Buy scheme, including a reduction in the discounts available. Additionally, councils in England will now retain receipts from Right to Buy sales, which will empower local governments to reinvest in new social housing, addressing the ongoing need for affordable housing and safeguarding council housing for future generations.
Resisure’s Technology: Supporting the Future of Sustainable Housing
The Autumn Budget reflects the government’s dedication to affordable, sustainable, and energy-efficient housing. At Resisure, we are committed to helping social housing providers, portfolio landlords, and property managers take advantage of this momentum with innovative technology that offers invaluable insights into property performance. Our system not only tracks essential metrics—mould, humidity, damp, and temperature—but also validates retrofit improvements like heat pumps, new windows, and insulation, showing you whether these measures are truly making an impact. That’s how we’re equipping UK homes for the future.
Reach out to Resisure today to see how our technology can transform your property management process, reduce maintenance costs, and create safer, healthier living spaces for tenants.