Thousands of people are expected to be helped onto the housing ladder, as an investment of £8.6bn is allocated across England today to boost the supply of affordable housing.
Nearly 120,000 new homes will be built for young people and families through the Affordable Homes Programme, as part of the largest single investment in affordable housing in a decade.
Of the new homes being built, nearly 30,000 will be for social rent, providing secure housing for those who need it including the homeless, and 57,000 will be for ownership.
The government expects the investment to support hundreds of thousands of jobs and help first-time buyers into home ownership.
Housing secretary, Robert Jenrick MP, said: ‘Creating more opportunities for home ownership is central to this government. This £9 billion funding is a landmark moment for our Affordable Homes Programme and will ensure good quality housing for all as we build back better after the pandemic.
‘This huge funding package will make the ambition of owning a home a reality for families by making it realistic and affordable. We are also ensuring tens of thousands of new homes for rent are built in the years ahead, including social rent, so those on the lowest incomes can enjoy good quality, secure rented homes, built and managed by reputable providers.’
The government predicts that the funding could support up to 370,000 jobs across the country in construction and the wider housing industry and is expected to generate up to £26bn of other private and public investment.
The funding announcement is part of the £11.5bn Affordable Housing Programme, which is expected to deliver up to 180,000 new affordable homes, dependant on economic conditions.
Nearly 90 new partnerships, including councils, housing associations and private providers, successfully bid for their share of the funding.
CEO of Homes England, Peter Denton, said: ‘Not only does today’s announcement give our new Strategic Partners the funding, flexibility, and confidence they need to build much needed affordable homes across the country, it also establishes a large network of organisations looking to share their skills and capabilities to expand the affordable housing sector and transform communities.
‘By forming Strategic Partnerships with a wide range of public and private organisations, we are creating the conditions needed for institutional investment to catalyse affordable housing supply and in future give local authorities more of the tools they need to plan and act strategically, shaping their communities and building new homes.’
In related news, communities will be given more opportunities to build homes in their neighbourhood, thanks to a new £4m government grant programme.
Photo by James Feaver