This week the government announced £8.6 billion of funding for our Affordable Homes Programme, which will help build more good-quality affordable housing and create jobs across the country as we build back better.
The total £8.6 billion investment across England will help to build 119,000 new affordable homes, including 57,000 for ownership, 29,600 for social rent and 6,250 affordable rural homes.
The new affordable homes available for ownership will help more young people and families to get a foot on the housing ladder, building on other schemes from the Government to help first-time buyers into homeownership,
including First Homes – offering new homes at a 30 per cent discount on the open market value – and the 95 per cent mortgage guarantee scheme which helps first time buyers secure a mortgage with just a 5 per cent deposit.
The nearly 30,000 homes for Social Rent which are typically 50 to 60 per cent of market price will provide
secure, affordable housing to people who need it most. It will also deliver new supported housing for some of
the most vulnerable, providing much needed homes for older or disabled people with support needs.
This investment is expected to support up to 370,000 construction jobs across the country for the home
building industry including SME developers, major housebuilders and infrastructure specialists as well as the
wider local economies expecting to generate up to £26 billion of wider private and public investment.
John knows that many young, local families locally struggle to afford to buy their first home in this area, forcing them to move away from family and their community. For that reason, he welcomes the £8.6billion investment into the Affordable Homes Programme that is set to deliver 119,000 new homes, and hopes that the Maldon constituency sees an increase in quality housing, as part of the 9000 new homes being built across the East of England.