Affordable homes: Brokenshire unveils £500m funding boost

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Affordable homes
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Nearly £500m will be funded for building more than 11,000 much-needed affordable homes across the country, Brokenshire has announced

Communities Secretary Rt Hon James Brokenshire MP has announced the funding boost will help the government towards its target of building 300,000 properties a year by the mid-2020s.

The announcement was made at the London First Building Summit.

The strategic partnerships, agreed by Homes England from Essex to Eccleston, will give the successful housing associations the freedom to spend the money on the developments where it can have the biggest impact.

Alongside this, homes will be built on London rooftops by the summer after Homes England agreed a £9m funding deal with Apex Airspace Developments. The properties – which will be built on five sites across the capital – are largely constructed offsite before being winched on top of buildings, minimising disruption to residents.

The first of the homes will be completed by the summer – and in total 78 rooftop homes will be built under the three year deal.

Rt Hon James Brokenshire MP commented: “By providing targeted investment in affordable homes, and funding innovative projects to build rooftop properties, we are making our housing market work for everyone.

“Our £500m funding boost for housing associations will help them build thousands of extra affordable homes – including properties for social rent.

“These measures are all part of our plans to deliver 300,000 homes a year by the mid-2020s.”

Sir Edward Lister, Homes England Chairman added: “I welcome the new strategic partners who share our ambition to build better homes faster.

“Our new ways of working with the sector means that housing associations can use their funding flexibly across their development programmes and respond quickly to local housing demand and a changing market.”

The infrastructure upgrades being funded by government include:

Rooftop properties:

The government’s housing accelerator, Homes England, has struck a 3-year deal with SME developer, Apex.

Apex is a pioneer of ’airspace’ development where unused airspace above residential, commercial and public buildings is used as a location for new homes.

The funding will enable the offsite construction of the homes prior to transportation to each of the 5 sites.

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