The Homes and Communities agency is making £4.7bn available to fund the construction of more than 150,000 houses in a bid to meet multiple ownership and development options.
The sum will comprise a capital grant to be used to launch a new 5-year-plan to deliver more shared ownership and affordable homes by 2021.
The £4.7bn funding is predicted to kickstart the building of around 8,000 homes available to rent for elderly, 10,000 additional homes as part of the rent to buy scheme and at least 135,000 help to buy: shared ownership homes.
According to the government, the 5-year programme is part of a concerted effort to support home ownership, as well as supporting other initiatives like starter homes and the offering of right to buy to housing association tenants.
Housing minister, Brandon Lewis specifically highlighted the shared ownership opportunities that the scheme will bring, allowing the buyer to purchase a share in the equity whilst paying rent on the non-purchased share.
Lewis commented: “Shared Ownership already has a proven place in housing provision – and through this programme we will take it to the next level: a nationwide opportunity for a new generation of home owners.”
“For many people, this is a chance they didn’t have before to get on to the housing ladder – and to go on to purchase further slices of equity.”
Modern methods of construction
The 5-year-plan also strongly encourages the use of alternative an innovative construction techniques, such as modular and offsite.
In order to meet demand and reach the targets set by the homes and communities agency, we ultimately need to be building better houses faster. This combination of requirements plays to the strength of offsite construction practices and as such it is set to play a significantly larger role in delivering more homes to higher standards over the coming years.