£23 billion is to be invested in the first phase of the government's Affordable Homes Programme which will create 165,000 jobs.
A fifth of the homes will be built with cutting edge "advanced housing manufacture", where parts are manufactured in factories before being assembled on site. This technique is widely used on the continent, but only plays a limited role in British housebuilding.
Housing Minister Brandon Lewis said the focus on new technology would provide high-quality homes, and help the sector achieve the fastest rate of affordable housebuilding for 20 years. Every home built under the scheme will support a person’s job, which means 165,000 job opportunities over 3 years, many for young people.
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The new homes will be delivered across England, with almost a third in London.
The investment from government will be combined with private finance to deliver the £23 billion programme. By putting in more private sector funding than previous programmes, the scheme will achieve a better deal for taxpayers.
Chief Secretary to the Treasury Danny Alexander said: "Building more affordable homes is an important part of ensuring every family has the opportunity to live in a decent home.
"By investing billions into new housing and cutting out burdensome planning regulations, we are building more affordable homes per year than at any time in 20 years and are also supporting job creation across the country."
(CD/IT)
