Multi-billion pound boost for first time buyers with new government funding package

The government has today (August 31) allocated £8.6bn to creating affordable housing in a bid to support people onto the property ladder.

The Affordable Homes Programme funding is set to deliver around 119,000 homes, including 57,000 for ownership, 29,600 for social rent and 6,250 affordable rural homes.

Around half of the new homes from the funding will be available for affordable home ownership. The funding will also deliver nearly 30,000 homes for social rent, which are typically 50-60 per cent of market prices.

It is expected that the investment could support up to 370,000 jobs across the country for homebuilders and SME developers, as well as wider businesses supporting the house building industry such as electricians and plumbers.

Housing Secretary Robert Jenrick MP commented: “Creating more opportunities for home ownership is central to this government. This £9bn 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.”