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9.58 billion pounds allocated for 73,600 social homes as Rightmove records largest annual asking-price drop since December 2023

Week ending 27 August 2026 · published 27 August 2026

The 20-27 August window was dominated by government supply-side action. The Ministry of Housing, Communities and Local Government and the Prime Minister announced the first wave of the 39 billion pound Social and Affordable Homes Programme on 25 August, and the Regulator of Social Housing published four judgements on 26 August. No house-price index published a fresh reading inside the window. Bank Rate remained at 3.75 per cent following the 30 July 2026 Monetary Policy Committee decision; the next decision is 17 September 2026.

The Social and Affordable Homes Programme allocation

The Prime Minister and the Housing Secretary announced on 25 August that 9.58 billion pounds is being allocated to 33 Strategic Partners outside London to support delivery of 73,600 new social and affordable homes in England over the next ten years. Nearly two-thirds of homes delivered through these partnerships are expected to be for Social Rent. The release states 16 billion pounds remains to be allocated outside London and that government intends to prioritise Social Rent homes and council housebuilding. Right to Buy is cited as a funding stream, with 1.61 billion pounds raised from sales alone in the last financial year.

Lender indices and the Rightmove August reading

The Lloyds House Price Index (formerly Halifax) remains on its July 2026 print, released 7 August; the next print is due on or around 7 September 2026. Nationwide remains on its 31 July release. There was no ONS or HM Land Registry UK House Price Index bulletin in the window; the most recent was the ONS bulletin of 19 August covering June prices and July rents. Rightmove published its monthly House Price Index on 17 August: average asking price 364,999 pounds, down 2.0 per cent month-on-month and 1.0 per cent year-on-year, the largest annual drop since December 2023. The Rightmove figure is an asking-price measure, not a transaction measure, so the two readings are not in conflict.

Mortgage rates, Bank Rate and rents

Rightmove's weekly mortgage tracker recorded an average two-year fixed rate of 5.09 per cent in August, up from 4.95 per cent the previous month. The ONS bulletin of 19 August reported private rents at an average of 1,393 pounds a month across the UK, up 3.7 per cent year-on-year in July, the highest annual rate since December 2025. England average rent was 1,451 pounds (+3.8 per cent); Scotland 1,016 pounds (+1.7 per cent). Within England, the North East had the fastest rent growth at +6.3 per cent and the South East the slowest at +2.9 per cent. The next ONS Price Index of Private Rents bulletin is expected in mid-September. The Bank of England's Money and Credit release for July 2026 is scheduled for 1 September.

Regulator action and first-time-buyer reading

The Regulator of Social Housing upgraded Livin Housing (County Durham) and Community Gateway Association (Preston) from C2 to C1 on 26 August. Amplius Living, formed from the December 2024 merger of Longhurst Group and Grand Union Housing Group, received first gradings of C2, G1 and V2, with weaknesses in its repairs service and Awaab's Law compliance. Watford Community Housing Trust received an interim judgement confirming G1 governance and V2 viability after its June 2026 merger with Thrive Homes. Rightmove's August release recorded an average first-time-buyer asking price of 225,525 pounds, down 0.3 per cent month-on-month and 0.3 per cent year-on-year; the average FTB monthly mortgage payment of 1,200 pounds compared with rent of 1,295 pounds. A separate 19 August announcement committed 442 million pounds to a national rough-sleeping drive funding more than 1,000 settled homes over three years.

Sources

We report what the data shows — no forecasts, no investment advice. For local detail, see house prices by area and the monthly market report.