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further boost for afordable homes
Housing Minister John Healey has confirmed a £500million fund in order to build 8,000 affordable homes across the UK. Since June, this takes the total Government housebuilding fund up to a total of £3.5billion.
The whole of the UK will benefit from this boost, as affordable homes will be built for both sale and rent. Over 3,000 of these news homes will be available to the public through the Government HomeBuy schemes, in order to help first time buyers onto the property ladder. Nearly 5,000 homes will be available for affordable rent through the housing association.
Since June, John Healey has approved £3.5billion Government funding for nearly 60,000 new homes. As well as going to housing associations, this cash has been used to help developers to kickstart stalled projects, get housebuilding back on track and also funding the largest council house-building programme for two decades.
The Minister has made clear that those benefiting from the extra boost provide apprenticeship opportunities, helping to secure a strong future from the housing industry and supporting the next generation of construction workers.
John Healey commented: "We have used the power of public investment to ensure that even during the downturn we continued to build the homes this country needs. I can confirm I have given the go-ahead to nearly £500million extra funding for Housing Associations to build 8,000 new homes. Today's investment in more affordable housing takes total Government help for housebuilding to £3.5billion since June. As the economy continues its recovery, I am determined that this support continues for the industry, for first-time buyers and for families."
