Prime Minister Theresa May has revealed plans to invest £2 billion into delivering tens of thousands of new 'affordable' and social homes.

As the first Prime Minister to address the National Housing Federation Summit, Mrs May has pledged to work in partnership with Housing Associations and allow them to secure funding up until 2028/29 for the delivery of new housing.

Setting out the steps government has already taken to respond to the asks of the sector – including providing long-term certainty on rents and agreeing not to extend the local housing allowance cap to the social sector – the PM said: "You said that if you were going to take a serious role in not just managing but building the homes this country needs, you had to have the stability provided by long-term funding deals.

"Well, eight housing associations have already been given such deals, worth almost £600 million and paving the way for almost 15,000 new affordable homes.

"And today, I can announce that new longer-term partnerships will be opened up to the most ambitious housing associations through a ground-breaking £2 billion initiative. Under the scheme, associations will be able to apply for funding stretching as far ahead as 2028/29 – the first time any government has offered housing associations such long-term certainty.

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"Doing so will give you the stability you need to get tens of thousands of affordable and social homes built where they are needed most, and make it easier for you to leverage the private finance you need to build many more."

In addition, the PM is looking towards Housing Associations to help transform the way in which housing is both thought of and delivered in the UK, as well as changing the image of social housing.

"Today, I'm asking housing associations to use the tools we have given you. Not just to build more homes, though of course more homes are needed. But to take the lead in transforming the very way in which we think about and deliver housing in this country," she said.

"Rather than simply acquiring a proportion of the properties commercial developers build, I want to see housing associations taking on and leading major developments themselves. Because creating the kind of large-scale, high-quality developments this country needs requires a special kind of leadership – leadership you are uniquely well-placed to provide.

"Given the right tools and the right support, you can act as the strategic, long-term investors in the kind of high-quality places this country needs. To put it simply, you get homes built. And I want to work with you to transform the way we do so.

"For many people, a certain stigma still clings to social housing. Some residents feel marginalised and overlooked, and are ashamed to share the fact that their home belongs to a housing association or local authority.

"And on the outside, many people in society – including too many politicians – continue to look down on social housing and, by extension, the people who call it their home.

"…We should never see social housing as something that need simply be 'good enough', nor think that the people who live in it should be grateful for their safety net and expect no better.

"Whether it is owned and managed by local authorities, TMOs or housing associations, I want to see social housing that is so good people are proud to call it their home… Our friends and neighbours who live in social housing are not second-rate citizens."

(LM/CM)