The chancellor will tomorrow announce a £39bn Affordable Homes Programme and a 10-year rent settlement in what appears to be a major victory for the social housing sector.

The Treasury has confirmed that the next Affordable Homes Programme (AHP) will run for 10 years, meaning £3.9bn of funding a year on average, a significant increase on the £2.5bn allocated annually under the 2021-26 programme once ‘top-ups’ were taken into account.

The amount is significantly more than the £25bn the Financial Times reported yesterday as being considered by Reeves. It appears that housing secretary and deputy prime minister Angela Rayner has ultimately come away with a better deal than expected following days of negotiations within Whitehall.