A new plan to build 40,000 homes over the next 20 years has been announced by Cambridgeshire and Peterborough CA.
The decision is the first to be announced under the new devolution deal for the region and will be paid for with a £170m housing grant approved by central government.
A total of 15 housing associations have said they will work together on the project under the title Homes for Cambridgeshire and Peterborough, with plans to build an initial 2,000 affordable homes by 2021.
Alan Lewin, chair of Homes for Cambridgeshire and Peterborough, said: “As the first devolved authority to be established with its own housing grant programme, this is a ground-breaking collaboration.
“The housing associations in Homes for Cambridgeshire and Peterborough will work together with the combined authority, local authorities, and Homes England to provide diverse quality homes, including housing let at affordable rents, mixed tenure, and outright sale.”
Initial estimates show that for every £1 invested in the project by the local authority, Homes for Cambridgeshire and Peterborough will spend an additional £6 on building homes.
Peter Topping (Con), lead member for communities on the Cambridgeshire and Peterborough CA, said the plan was to increase the amount of affordable housing available locally.
House prices in the area are among the highest in England with ONS statistics for November showing house prices rose 16.4% in the area, compared with a national average increase of 5.1%. The average house price in Cambridge is nearly 17 times the average local salary.
A recent report from the National Housing Federation found there had been a shortfall of 2,561 houses built in Cambridgeshire in the five years between 2011 and 2015, based on projections from the Town and Country Planning Association.
The housing associations participating in Homes for Cambridgeshire and Peterborough:
- Accent House
- Aldwyck Housing Group
- CHS Group
- Clarion Housing Group
- Cross Keys
- Flagship Group
- Havebury Housing Partnership
- Hundred Houses Society
- Hyde Group
- Luminus Group
- Longhurst Group