An uptake in mortgages throughout the UK could be on the cards as a result of an increase in affordable housing supply.
Responding to the latest statistics revealing such movement, housing minister Grant Shapps said he is encouraged by the direction the sector is moving in.
The politician noted efforts to get Britain building again are continuing in the form of a £4.5 billion Affordable Homes programme.
This initiative has been set up to deliver up to 170,000 new homes across the next four years and Mr Shapps – who is also MP for Welwyn Hatfield – said the scheme is likely to exceed all expectations.
He added: “Thanks to this increase in affordable homes, councils across the country will next year benefit from a share of over £21 million through the New Homes Bonus.”
Councils should begin talking to residents to figure out how best to spend this extra New Homes Bonus, Mr Shapps recommended.
