New £7bn fund available for affordable housing

Housing providers are being invited to bid for a share of a £7bn fund intended to boost the government’s affordable housing programme.

The £7bn funding pot, which includes the additional £1.4bn announced in November’s Autumn Statement, is aimed at supporting the delivery of more shared ownership homes, more Rent to Buy homes (where first-time buyers are helped to save for a deposit) and more Affordable Rent homes, to help those in the private rented sector with housing costs.

Earlier this week, DCLG also announced 30 local authority-led partnerships for the development of starter homes, which will be available to younger buyers at 20% below market value. The locations of 14 garden villages and three more garden towns were also confirmed.