With an £8.6 billion housing fund, families can realize their ambition of owning a home.

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With an £8.6 billion housing fund, families can realize their ambition of owning a home.

Thousands of additional families will be able to achieve their ambition of owning a home, according to ministers, as the Government announces an £8.6 billion funding package.

Around 119,000 dwellings are planned to be built in England, with about half expected to be sold and tens of thousands created to rent at a reduced rate.

The financing is part of a £11.5 billion affordable housing scheme that will run from 2021 to 2026 and potentially result in the construction of up to 180,000 dwellings.

The £8.6 billion initiative will provide 57,000 homes for purchase, 29,600 dwellings for social rent (usually between 50 and 60 percent of market rates), and 6,250 affordable rural homes.

Officials claim the remaining residences will be available for “affordable” rent. “Creating greater chances for home ownership is important to this Government,” said Housing Secretary Robert Jenrick.

“This £9 billion investment marks a watershed point in our affordable housing initiative, ensuring good quality housing for all as we rebuild better.

“This massive financial package will help people realize their dream of buying a house by making it more feasible and affordable.

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