New affordable homes in Mid Sussex: MP Mims Davies welcomes £946.8 million investment
Mid Sussex is set to benefit from a £946.8 million investment to build 14,663 affordable new homes across the south east.
The funding has been allocated through the government’s £11.5 billion Affordable Homes Programme, which is the largest single investment in affordable housing in a decade.
Mid Sussex MP Mims Davies has welcomed the news.
She said: “Owning your own home should not be the privilege of a few, but an affordable possibility for young people and families across Mid Sussex and around the country.”
“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,” she added.
The total £8.6 billion investment across England will help to build 119,000 affordable homes altogether, including 57,000 for ownership, 29,600 for social rent and 6,250 affordable rural homes.
It builds on other government schemes to help more first-time buyers get on the housing ladder.
The First Homes scheme offers new homes at a 30 per cent discount on the open market value, while the 95 per cent mortgage guarantee scheme helps first-time buyers get a mortgage with a five per cent deposit.
Nearly 30,000 homes for Social Rent, which are usually 50 to 60 per cent of market prices, aim to provide secure, affordable housing to people who need it.
There is also supported housing for vulnerable people, including older people or those with disabilities or support needs.
The Affordable Homes Programme investment is expected to support up to 370,000 construction jobs across the country.