- Chelsea and Fulham will benefit from a £3.4 billion investment to build 29,456 new affordable homes across London.
- This funding has been allocated through the Conservative 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.
Greg Hands MP has welcomed the £3.4 billion investment to deliver 29,456 new affordable homes across London through the Conservative 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 Conservative 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.
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 Conservative 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, Greg Hands MP said:
“Owning your own home should not be the privilege of a few, but an affordable possibility for young people and families across Chelsea and Fulham and around the country.
“I am delighted thousands of people across London will now have their dream of home ownership realised through the Affordable Homes Programme, with 29,456 homes delivered thanks to the Conservative Government’s £3.4 billion 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.”
Commenting, 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.”
