UK moves ahead with first 10 billion wave of low-rent housing

Britain's government announced details of almost $13.63 billion in funding for the construction of lower-cost housing for renters with a focus on London, one of the areas hit hardest by the country's shortage of homes.





More than $9 billion - the first tranche of a previously announced $53 billion in funding over 10 years - was earmarked for the capital where local authorities were expected to deliver over half the new homes.



Prime Minister Andy Burnham, who moved into Downing Street in July, has promised to build more social rent homes, which offer tenants a discount of around 50% to market rates.



The move will reduce the long-term welfare bill and homelessness as well as provide security to people on lower incomes.