Home dream for families with £8.6bn housing fund

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It is expected to deliver around 119,000 houses in England, with around half expected to be sold and tens of thousands built to rent at a discounted rate.

The funding forms part of the £11.5billion affordable homes programme which runs from 2021 to 2026 and could provide up to 180,000 houses.

The £8.6billion investment will deliver properties including 57,000 homes for ownership, 29,600 for social rent, typically around 50 percent to 60 percent of market rates, and 6,250 affordable rural residences.

The remaining homes will be available for “affordable” rent, say officials. Housing Secretary Robert Jenrick said: “Creating more opportunities for home ownership is central to this Government.

“This £9billion funding is a landmark moment for our affordable homes programme and will ensure good quality housing for all as we build back better.

“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 in the years ahead, including social rent, so those on the lowest incomes can enjoy good quality, secure, homes, built and managed by reputable providers.”

Nearly 90 partnerships across England, including councils, housing associations and private providers, successfully bid for a share of the cash.

Nearly £5.2billion of the allocation will be delivered outside of London by Homes England, with the Greater London Authority responsible for delivery in the capital.

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