Hundreds of millions of pounds are to be axed from schemes like Kickstart and low-cost home ownership deals as part of the new government’s swingeing cuts.
£50 million is to go from Kickstart schemes, with a further £50m to go from housing renewal schemes and £100m from the budget for low-cost home-ownership schemes.
This is just the start as more cuts are likely to be announced in the coalition government’s 50-day Budget on June 22.
HBF chairman Stewart Baseley described the moves as “a cut on investment not waste”.
“The announcement is extremely disappointing when we are in the midst of an acute housing crisis and a shortage approaching a million homes, yet building less than in any peacetime year since 1923.”