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Vow to deliver 400,000 new affordable homes

The government has confirmed it plans to double its housing budget to help fund the construction of 400,000 new “affordable homes” by the end of the decade.

George Osborne made the promise as he delivered his Comprehensive Spending Review, which sets out the government’s spending plans over the next five years.

The government will double the housing budget from 2018-19 to more than £2bn per year.

This is set to deliver at least 400,000 affordable homes including 200,000 ‘starter homes’, 135,000 new Help to Buy shared ownership homes and 10,000 Rent to Buy homes.

“That’s the biggest house building programme by any government since the 1970s,” the Chancellor said. “Almost half of them will be our Starter Homes, sold at 20 per cent off market value to young first time buyers.”