- Loughborough will 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, the largest single investment in affordable housing in a decade.
- Nearly 120,000 new homes will be built for young people and families – supporting hundreds of thousands of jobs and helping more first-time buyers into home ownership to level up communities.
Loughborough MP, Jane Hunt, has welcomed the £499 million investment to deliver 9,775 new affordable homes across East Midlands through the Government’s Affordable Homes Programme.
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 prices – 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.
Since 2010, the Government 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.
Commenting, Jane said:
“Being able to afford a home of your own should be within reach of everybody in every community.
“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 9,775 homes delivered thanks to the 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.”