Up to 1,700 affordable homes to be built across the Midlands

An innovative funding deal worth £250m is set to deliver 1,700 new affordable homes across the Midlands.

Longhurst Group, together with their appointed financial advisors Savills, announces that it has raised the funding through the bonds market. The group already owns and manages more than 17,800 affordable homes in the Midlands.

The move is the result of Longhurst Group's determination to ease the housing crisis in the Midlands, where there are around 650,000people on waiting lists for affordable homes.

The new homes will be built over the next four years, with around 1,300 of the properties will be provided for rent while the remainder will be offered for shared ownership to help people wanting to get a foot on the property ladder.

Bob Walder, group chief executive of Longhurst Group, said: "As a key housing provider in the region, we understand the growing demand for affordable homes in towns and villages across the Midlands. As the impact of the economic situation and welfare reform starts to bite, we expect to see an even bigger demand for our affordable homes.

"We are committed to doing everything we can to help ease today's housing and economic challenges and this programme will go beyond the building of new homes. The investment will also create jobs, provide new infrastructure and develop thriving communities where people can put down roots."