The UK government has unveiled a £442 million housing support package aimed at helping people sleeping rough move off the streets before Christmas, as Prime Minister Andy Burnham steps up efforts to tackle the country’s homelessness crisis.

The programme will provide emergency accommodation and longer-term housing support across England, with areas experiencing the highest levels of homelessness and housing pressure expected to receive the largest share of the funding.

Burnham said no one should have to sleep in doorways or outside railway stations, arguing that the scale of rough sleeping should not be accepted as normal in one of the world’s largest economies.

The announcement comes amid a significant increase in rough sleeping across England.

Government figures show that 4,793 people were sleeping rough in England in 2025, the highest figure recorded.

However, rough sleepers represent only a fraction of the country’s wider homeless population.

Housing charity Shelter estimated that about 382,000 people were homeless in England in 2025. This broader figure includes people living in temporary accommodation, families and children without permanent housing, and people without secure tenure.

The figures highlight the difference between rough sleeping and the wider housing crisis.

While getting people off the streets is an immediate priority, the larger challenge involves providing enough affordable and secure housing to prevent people from becoming homeless in the first place.

The £442 million programme will not be limited to emergency accommodation.

The government said the funding will also support the creation of more than 1,000 permanent homes over the next three years.

Housing Secretary Angela Rayner said the government was acting urgently to help people leave the streets, move into secure homes and access the support required to rebuild their lives.

The approach reflects an important principle in homelessness policy. Emergency accommodation can provide immediate protection, but permanent housing is needed to create long-term stability.

Burnham pointed to the UK’s response during the COVID-19 pandemic as evidence that government can move people sleeping rough into accommodation quickly when there is sufficient political will.

He argued that a similar effort could be mounted again to address the current crisis.

The government also plans to hold its first national summit dedicated specifically to tackling rough sleeping later this year.

Local leaders, including mayors, will be expected to play a major role in implementing the programme before Christmas.

Although the government has allocated £442 million, Burnham acknowledged that the funding may not be enough to completely achieve the target.

He has therefore called on wider society, including faith organisations and community groups, to contribute to the effort.

The programme is expected to be funded from the existing housing ministry budget rather than through a newly announced funding source.

This has already attracted criticism from opposition parties, with Conservative housing spokesman James Cleverly questioning how the government intends to deliver and finance the commitment.

Homelessness charities broadly welcomed the announcement, particularly the commitment to combine emergency accommodation with longer-term housing.

However, concerns remain over whether the programme will address the structural causes of homelessness.

Housing affordability, limited housing supply, insecure tenancies, rising rents and pressure on local authorities can all contribute to people losing stable accommodation.

Without addressing those underlying factors, emergency interventions risk treating the symptoms rather than the cause.

The UK’s homelessness figures demonstrate that housing crises are not limited to developing economies.

Even countries with large economies can struggle when housing supply, affordability and household incomes fall out of balance.

For policymakers, the challenge is therefore twofold. Governments must respond quickly to people already experiencing homelessness while also increasing the supply of affordable and secure homes.

The UK’s latest programme attempts to do both by combining immediate accommodation with funding for permanent housing.

Its success, however, will ultimately depend on whether those leaving the streets can move into stable, affordable homes rather than simply temporary accommodation.

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The MOFI Real Estate Investment Fund (MREIF) recorded ₦14.24 billion in profit after tax for the first half of 2026, while expanding its mortgage portfolio and supporting thousands of Nigerians seeking homeownership.

For the six months ended June 30, 2026, the fund generated ₦17.48 billion in total income from its investment activities, including income from mortgages and interest earned on cash holdings. It recorded ₦14.49 billion in profit before tax.

The results highlight the growing role of institutional investment funds in addressing Nigeria’s housing-finance challenges.

Mortgage Lending Expands

MREIF’s total assets reached ₦269.9 billion by the end of June.

Of this amount, ₦131.67 billion had been disbursed as mortgage loans, financing 1,909 completed housing units across all six geopolitical zones and 27 states.

The geographical spread is significant because mortgage lending in Nigeria has historically been concentrated in a relatively small number of major urban centres.

MREIF’s model is designed to make longer-term mortgage financing more accessible through participating banks and mortgage institutions. The fund currently works with 22 partner banks and mortgage institutions, according to the report.

Salaried Workers Make Up Majority of Beneficiaries

Salaried workers account for 87.2 per cent of MREIF’s mortgage beneficiaries, while self-employed Nigerians make up 12.8 per cent.

The distribution reflects the importance of predictable income when accessing mortgage finance, but it also highlights an opportunity to expand access among self-employed workers and other Nigerians who may struggle to qualify for conventional mortgages.

MREIF’s mortgage offering is designed around lower-cost, longer-term financing. Its official platform currently advertises mortgages of up to 20 years at a fixed rate of 9.75 per cent per annum.

Developers Also Receive Support

MREIF’s role extends beyond financing homebuyers.

The fund has provided offtake guarantees to three developer projects, supporting 475 housing units currently under construction.

These guarantees can help developers obtain construction financing from financial institutions by providing additional confidence around the eventual purchase of completed housing units.

This is important because increasing housing supply requires financing on both sides of the market. Buyers need affordable mortgages, while developers need access to capital to construct the homes in the first place.

Investors Also Receive Returns

The fund’s performance has also generated returns for investors.

MREIF paid an interim dividend on July 15 to its two categories of investors.

Commercial investors received ₦8.61 per unit, while government-held units received ₦2.80 per unit. Combined, the fund distributed ₦12.82 billion across its 2.5 billion outstanding units.

The results demonstrate the fund’s dual role as an investment vehicle and a housing-finance mechanism.

Profitability Is Not the Only Measure

Despite the strong financial results, mortgage-banking stakeholders have argued that MREIF’s performance should not be judged by profitability alone.

The Mortgage Banking Association of Nigeria (MBAN) recently called for greater emphasis on sustainable housing-finance delivery, noting that MREIF was created to expand affordable mortgage access, mobilise long-term capital and increase homeownership.

MBAN also pointed out that a significant portion of the fund’s assets remains in cash and investment securities rather than mortgage loans.

That creates an important question for the housing sector: how quickly can MREIF convert its available capital into more mortgages and housing projects?

What the Numbers Mean for Nigeria’s Housing Market

MREIF’s first-half performance suggests that structured housing finance can play a larger role in Nigeria’s homeownership market.

The fund has already financed 1,909 completed units and supported another 475 units under construction. But Nigeria’s housing challenge is much larger than the current scale of lending.

The next test is therefore not simply whether MREIF can remain profitable. It is whether the fund can scale mortgage lending, reach more states and income groups, and help developers deliver homes that households can actually afford.

For Nigeria’s housing market, the combination of affordable mortgages and developer financing could become an important part of closing the gap between housing demand and actual home delivery.

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Veritasi Homes & Properties Plc has completed a ₦50 billion non-interest commercial paper programme, giving the real estate developer another avenue to raise short-term funding from Nigeria’s capital market.

The programme was formally executed in Lagos on August 6, 2026, following the completion of the required regulatory and programme processes. It provides Veritasi with a structured platform for raising funds through eligible commercial-paper issuances.

Expanding access to capital

Commercial paper allows companies to raise short-term funds from investors without issuing equity. For real estate developers, the instrument can provide an alternative to conventional bank borrowing for working capital and other approved corporate needs.

The new ₦50 billion programme represents a significant expansion from Veritasi’s previous ₦20 billion Commercial Paper Programme.

Under the earlier programme, the company raised up to ₦15 billion and subsequently redeemed its matured obligations. Veritasi also registered another ₦20 billion programme in 2025, under which it issued Series 1 and Series 2 commercial papers.

Previous obligations redeemed

Veritasi has also demonstrated recent activity in the commercial-paper market.

According to the report, the company redeemed approximately ₦6.13 billion owed to investors on April 17, 2026, under an earlier issuance.

Funds raised through previous programmes supported developments including Camberwall Advantage Series and Tinuola Towers.

Funding pressure remains a challenge for developers

The new financing programme comes at a time when Nigerian property developers are dealing with high construction costs and expensive conventional financing.

The rising cost of building materials, labour, land and infrastructure has increased the amount of capital required to deliver housing projects.

For developers, access to alternative sources of funding can therefore help reduce dependence on bank lending and provide additional flexibility for managing project-related expenses.

However, commercial paper is a short-term financing instrument, meaning companies must carefully manage their cash flows and repayment obligations when individual issuances mature.

₦50bn programme does not mean ₦50bn raised

An important distinction should be made between the ₦50 billion programme size and the amount of money actually raised.

The programme establishes a maximum framework of ₦50 billion under which eligible commercial-paper issuances can be made. It does not mean Veritasi has received ₦50 billion in one transaction.

The actual amount raised will depend on the individual issuances conducted under the programme.

This distinction matters when assessing the potential impact on housing supply. The programme could provide significant additional funding capacity, but its eventual contribution to construction will depend on how much the company raises and how the proceeds are deployed.

Potential impact on housing supply

Greater access to capital could help Veritasi finance construction activities, acquire development inputs and maintain delivery across its housing projects.

The wider significance for Nigeria’s housing market is whether capital-market financing can help private developers overcome some of the funding constraints that limit housing supply.

But financing alone will not solve Nigeria’s affordability problem.

High land and construction costs, infrastructure requirements and limited access to affordable mortgages continue to influence the final price of homes.

A growing role for capital-market financing

Veritasi’s latest programme also highlights the growing role of Nigeria’s capital market in financing real estate development.

Diversifying funding sources can give developers alternatives to traditional bank loans, particularly when interest rates make conventional borrowing expensive.

For the housing sector, the bigger question is whether these financing mechanisms can translate into more homes being delivered at prices that ordinary Nigerians can afford.

Veritasi’s ₦50 billion programme therefore represents an expansion of its potential financing capacity. Its real impact will ultimately be measured by the capital raised under the programme and the housing and other developments that follow.

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The cost of living continues to be a major economic concern, particularly housing.

Rapid increases in home prices combined with higher mortgage rates since the pandemic have made homeownership increasingly challenging for many Americans.

The Trump administration proposed a 50-year mortgage to reduce monthly payments, but no easy solution exists for the nationwide affordability crisis.

Pittsburgh Offers Relative Relief

Housing remains more affordable in the Pittsburgh area compared to the national average. According to Realtor.com, the median home price in Pittsburgh is around $250,000, while nationally it exceeds $400,000. Local households earning the median income can afford more than half the homes on the market, making Pittsburgh the most affordable major U.S. metropolitan area relative to income.

Factors Reducing Affordability

Two major drivers have lowered housing affordability since the pandemic:

1. Rapid Increase in Home Prices: From May 2020 to September 2025, the median sale price of an existing home rose from $278,000 to $421,000 (National Association of Realtors).

2. Higher Mortgage Rates: The 30-year fixed mortgage rate peaked at 7.6% in late 2023, the highest in over 20 years. Rates have slightly decreased to 6.2%, still above the 20-year average of 4.8%.

The National Association of Realtors’ housing affordability index shows that, as of September, a household earning the median income could afford a home priced at 105% of the national median sale price, still near the lowest affordability in 20 years.

Challenges for First-Time Homebuyers

Affordability issues hit first-time buyers hardest. In 2024, they made up just 21% of the market, a record low. The median age of a first-time buyer rose to 40, up from 38 in 2023, reflecting difficulties in purchasing a home.

Tight inventories and limited new construction have kept prices high. Many homeowners bought or refinanced at historically low rates and are reluctant to move, further constraining supply.

Policy and Market Implications

Housing policy is mostly local, and construction is affected by tariffs, labor shortages, and regulatory constraints. Lower mortgage rates could improve affordability but may accelerate price growth, offsetting the benefits.

A long-term solution requires increased residential construction to meet demand and stabilize prices. Over time, as homebuilding expands and the market normalizes post-pandemic, housing affordability is expected to improve gradually.

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Progress Made, But Not Enough

The combined efforts of the Lagos State Government, federal agencies, and private developers have produced over 2.57 million homes in the last four decades. However, housing demand continues to outpace supply. The report estimates Lagos needs about 227,000 new housing units annually just to meet population growth.

A major part of the current deficit includes around 618,000 inadequate homes. These dwellings are either structurally unsafe, overcrowded, or lack basic utilities like clean water, proper toilets, and stable electricity.

Slums, Vacant Units, and the Real Challenge

Around 24% of the housing stock in Lagos is considered substandard, often located in slums or informal settlements. Additionally, over 115,000 homes lie vacant, mostly due to poor location and high costs, leading to a vacancy rate of about 4.5%.

Even though the state increased housing supply from 1.4 million units in 2016 to over 2.57 million in 2025, the city’s housing deficit rose by 15% within the same period — from 2.95 million to 3.4 million units.

Rapid Population Growth Outpacing Housing

Lagos’ population has ballooned from 21 million in 2016 to 24 million in 2025, creating about 750,000 new households in under a decade. But housing delivery hasn’t kept up with this surge.

The percentage of renters fell slightly from 83% to 77%, but the actual number of renter households remained unchanged at about 1.39 million — a potential sign of data stagnation or market inflexibility.

Mismatch Between Housing Supply and Affordability

Developers are building more houses, but most of them are luxury units in upscale areas like Ikoyi, Victoria Island, and Lekki. These properties, usually 3–5 bedroom homes, are priced far beyond the reach of average Lagosians, many of whom earn less than ₦100,000 monthly.

Worse still, less than 5% of new homes are priced below ₦15 million, creating an affordability crisis.

Cost Barriers and Red Tape Hindering Progress

The report highlights persistent regulatory challenges. Land titling and documentation processes remain slow and expensive, adding up to 20% extra to housing development costs. These hurdles are discouraging investment and delaying project execution.

Additionally, poor infrastructure — such as bad roads, drainage problems, and unreliable power  continues to limit expansion into more affordable areas like Ibeju-Lekki and Badagry.

Young People Can’t Afford Homes

Lagos continues to absorb about 600,000 new residents yearly, mostly youth and young professionals. Many of them struggle to rent or own homes due to low income, job insecurity, and limited access to credit. The report notes a rising interest in co-living and mini-unit models, though supply remains limited.

Luxury Market Soars, But With Limits

High-end homes in Banana Island, Ikoyi, and Eko Atlantic are still attracting wealthy investors and diaspora buyers. Prices in these areas rose by up to 60% in 2024, with six-bedroom properties reaching record values.

However, sales are beginning to cool in parts of the luxury market, affected by forex fluctuations, limited mortgage options, and investor fatigue.

Many of these premium properties are now being converted to short-let rentals and Airbnb-style accommodations, boosting profits but reducing options for long-term residents.

Rising Construction Costs Add Fuel to the Fire

The cost of building materials continues to skyrocket. Cement prices rose from around ₦4,500 in early 2024 to over ₦8,500 by 2025. Imported items like tiles, steel fittings, and roofing materials remain costly due to naira devaluation, port tariffs, and transportation issues.

Even local materials like cement and steel are not spared. Rising diesel prices have driven up logistics costs, especially for sites in underdeveloped areas.

Conclusion: More Homes, But Still Not Enough

The Lagos housing market has seen notable progress, but it remains deeply imbalanced. High-end supply dominates, while affordable housing is still scarce. Without bold reforms including rental policy changes, land access, and support for low-income housing — the city risks further deepening its urban housing crisis.

The post Lagos Builds 2.5 Million Homes But the Housing Gap Keeps Growing appeared first on Housing TV Africa.

Despite clear provisions in the Lagos State Tenancy Law mandating monthly and quarterly rent payments, many landlords and property agents across the state continue to demand one-year and even 18-month upfront payments from tenants, in open defiance of the law.

While the state’s policy aims to ease rent burdens and promote housing affordability, investigations reveal that both landlords and even some tenants still prefer lump-sum payments, citing stability of income, investment recovery, and convenience.

Why Monthly Rent Still Struggles to Take Hold

The monthly rent model was introduced to relieve tenants from the financial stress of bulk annual payments and to create a more inclusive and flexible rental market. However, old habits persist.

For landlords and facility managers, annual payments provide predictable cash flow and reduce exposure to payment defaults. “It’s easier to manage a property when your income is assured for a full year,” said one landlord in Yaba.

Meanwhile, some tenants say they prefer annual payments to avoid the pressure of monthly bills, particularly in a city where household expenses already stretch incomes thin.

State Government Still Pushing Policy Forward

The Commissioner for Housing, Moruf Akinderu-Fatai, insists that the policy is still on course. He stressed that monthly and quarterly options give Lagosians breathing space and reduce the difficulty of sourcing large upfront rent sums.

“We’re engaging landlords, agents, and developers to resolve enforcement bottlenecks before full rollout. This initiative is designed to protect tenants, improve affordability, and sanitize the sector,” he said.

He also reiterated that real estate agents, brokers, and developers must register with LASRERA or face legal consequences. The aim is to rid the sector of quacks and bring about transparency in real estate dealings.

Mixed Reactions from Stakeholders

The Estate Rent and Commission Agents Association of Nigeria (ERCAN) has thrown its weight behind the new rent system. Its president, Godwin Aleke, assured that members would promote monthly and quarterly rent structures and support the government’s efforts to reform the rental market.

Yet, opinions remain divided. Real estate developer Olawale Babatunde expressed concern that staggered rent payments could weaken property owners’ ability to recover investments. He warned of possible default risks and income instability for landlords.

Concerns Over Housing Supply and Investment

Gbenga Ismail, a principal partner at Ismail & Partners, said that while the policy helps tenants, it may discourage new property investments. According to him, supply shortages could worsen if property owners lose confidence in the market.

He called on the government to back the rent policy with broader reforms, including access to affordable land, cheaper building materials, and supportive infrastructure to make the housing sector more resilient.

The Law vs. Reality

Under the Advance Rent Section of the Lagos State Tenancy Law, it is illegal for a landlord or agent to demand more than three months’ rent from a sitting tenant. Offenders face fines of up to ₦100,000, three months’ imprisonment, or other legal sanctions.

However, enforcement remains weak. Without concrete action from regulatory bodies, the gap between policy and practice continues to widen.

Until the law is actively enforced and matched with strong housing support policies, monthly rent in Lagos may remain more of a theory than a reality.

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