£500 million affordable homes funding boost

James Brokenshire has announced that nearly £500 million will be spent building more than 11,000 much-needed affordable properties across the country.

The Communities Secretary said that the funding boost will help the government towards its target of building 300,000 properties a year by the mid 2020s. The strategic partnerships will give the successful housing associations the freedom to spend the money on the developments where it can have the biggest impact.

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

Brokenshire said: “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 £500 million 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.”