Housing Minister Kris Hopkins has welcomed a deal that will release £500 million additional funding to build new affordable homes across the country.

This new investment, secured through an agreement with the European Investment Bank (EIB), will help deliver up to 4,300 new affordable homes to rent.

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The funding will form part of the £3.5 billion Affordable Housing Guarantees programme, which enables housing associations to use a government guarantee to secure private investment at more competitive rates than they would otherwise.

Mr Hopkins said: "The deal with the European Investment Bank is a vote of confidence in our ongoing efforts to restore confidence to our housing market and get Britain building.

"This £500 million investment will help deliver up to 4,300 new affordable homes across the country, on top of the 170,000 affordable homes we’ve already delivered since 2010."

(CD)