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South West gets £700m for social housing

The South West will receive £700 million from the Government to help fund a new supply of affordable housing.

The allocation is part of a £10.4 billion fund made available through the Regional Housing Pot over the next three years.

Housing minister Yvette Cooper said: “As a government we want to widen access to home ownership and help more people build up assets.

“But home ownership won't be sustainable for everyone. And for some it is a real struggle to find an affordable stable home in the private sector.

"Social housing needs to deliver the security and stability as well as the affordability that families need. But affordability and security are not enough. Social housing needs to support opportunity too.”

£2 billion of the fund will be spent on improving existing stock.