Funding: £8.6bn released under Affordable Homes Programme

Thousands of people could be helped onto the housing ladder with today's announcement that £8.6 billion is to be allocated nationwide.
Robert Jenrick MP (Demo)

Thousands of people could be helped onto the housing ladder with today (August 31)’s announcement that £8.6 billion is to be allocated nationwide.

Part of the largest single investment in affordable housing in a decade, the Affordable Homes Programme funding will deliver around 119,000 homes, including 57,000 for affordable ownership, 29,600 for social rent and 6,250 affordable rural homes.

The latest cash injection could support up to 370,000 jobs across the country for homebuilders, SME developers, and wider businesses supporting the house building industry such as electricians and plumbers. This is expected to generate up to £26 billion of other private and public investment.

The funding allocation marks an important step towards the government’s mission to deliver up to 300,000 new homes a year by the mid-2020s.   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 funding is taken from the £11.5 billion Affordable Housing Programme which aims to deliver up to 180,000 new affordable homes.   Nearly £5.2 billion of the package announced today will be delivered outside London by Homes England, the government body responsible for housing delivery. The Greater London Authority (GLA) will deliver homes within London. Nearly 90 new partnerships – made up of councils, housing associations and private providers – successfully bid for their share of the latest round of programme funding.

 

Image: Housing secretary Robert Jenrick, courtesy UK gov.

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