South Shropshire MP Philip Dunne has welcomed £12bn investment from the government in affordable homes.
A new Affordable Homes Programme will be delivered over 5 years from 2021 to 2026, providing up to 180,000 new homes across the country. The government is announcing that around half of the new homes will be available for affordable home ownership, helping even more people to get a foot on the housing ladder.
In order to support people from all backgrounds, the rest will be made available for discounted rent, including 10% for supported housing – to support those with physical or mental health challenges.
As well as delivering homes for affordable ownership, the new programme will deliver homes for Affordable and Social Rent. Funding for Social Rent, which is typically 50 to 60% of market prices, will be available to housing providers across the country, providing secure, affordable housing to families who need it most.
Mr Dunne said: “Today brings welcome clarity about this £12bn investment in affordable housing, helping more people to achieve the dream of home ownership. 87% of people would choose to own given free choice, however the proportion of people under the age of 35 owning a home has declined from 65% to 27% since the 1990s.
I am pleased we are seeing significant investment outside of London, in keeping with the government’s commitment to level up the whole country. I hope we will see people in Shropshire benefit from these new affordable homes and cheaper social rent options.”