Coalville MP welcomes £499 million investment to build thousands of new affordable homes in the East Midlands

  Posted: 31.08.21 at 20:17 by Coalville Nub News

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• North West Leicestershire is set to benefit from a £499 million investment to build 9,775 new affordable homes across the East Midlands.

• This funding has been allocated through the Government’s £11.5 billion Affordable Homes Programme, said to be the largest single investment in affordable housing in a decade.

• Nearly 120,000 new homes are planned for young people and families – supporting hundreds of thousands of jobs and helping more first-time buyers into home ownership to level up communities.

Coalville MP Andrew Bridgen has welcomed the £499 million investment to deliver 9,975 new affordable homes across the East Midlands through the Conservative Government’s Affordable Homes Programme.

The total £8.6 billion investment across England aims to help 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 are designed to help more young people and families to get a foot on the housing ladder.

Coalville MP Andrew Bridgen welcomed the announcement. Photo: Andrewbridgen.com

Mr Bridgen said: “Owning your own home should not be the privilege of a few, but an affordable possibility for young people and families across North West Leicestershire and around the country.

“I am delighted thousands of people across the East Midlands will now have their dream of home ownership realised through the Affordable Homes Programme, with 9,975 homes delivered thanks to the Conservative Government’s £499 million investment.

“By helping more people and their families buy a home in their local area, we are levelling up opportunity across the country – while creating good skilled jobs as we build back better from the pandemic.”

It builds on other Government schemes aiming 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 five per cent deposit.

The nearly 30,000 homes for Social Rent – which are typically 50 to 60 per cent of market prices – are designed to provide secure, affordable housing to people who need it most.

The scheme is aimed at first time buyers

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.

The 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.

Since 2010, the Conservative Government says it has delivered over 542,400 new affordable homes – and this investment marks an important step towards meeting its promise to deliver 300,000 new homes a year by the mid-2020s.

Housing Secretary Robert Jenrick said: “Creating more opportunities for home ownership is central to this government.

"This £9 billion 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.”

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