The Autumn Statement and Spending Review is set to deliver £20 billion of cuts to Whitehall budgets but also start the biggest affordable housebuilding programme since the 1970s.
The Chancellor unveiled a total housing package of nearly £6.9 billion.
This will see plans to more than double present levels of affordable housing programme grant, presently running at around £900 million a year.
Up to £4 billion will be channeled into building 135,000 “Help to Buy: Shared Ownership” homes for households earning less than £80,000.
A further £2.3 billion will be paid to house builders to subsidise the construction of 200,000 starter homes — properties for sale to first-time buyers at a 20% discount to their market value.
And £400 million will be allocated to help build 8,000 specialist homes for older people or those with disabilities.