Stafford MP, Jeremy Lefroy has welcomed the recent announcement by the Prime Minister lifting the cap on local authorities borrowing against their existing council housing stock.
The existing cap placed on local council Housing Revenue Accounts had prevented them from using their asset base to borrow to build more homes. This lifting of the cap will allow councils to more than double the number of homes they build to around 10,000 each year.
Commenting, Jeremy said: “To build a country in which everyone has the opportunity of a good quality home they can afford, we need more supply from all parts of the system – developers, housing associations, community groups and self-builders, with local authorities doing their bit to build the homes their communities need. Removing the borrowing cap entirely will enable local authorities to play a key role in delivering more social and affordable housing for our communities.”