Housing Secretary Robert Jenrick will launch a prospectus this week inviting bids for funding for 180,000 new homes.

Construction will be delivered over five years from 2021 to 2026.

Nearly £7.5bn will be delivered outside London by Homes England while the Greater London Authority has been offered £4bn.

Councils, housing associations and private providers will be able to start preparing their bids for funding this week.

Jenrick said: “Today’s announcement represents the highest single funding commitment to affordable housing in a decade and is part of our comprehensive plans to build back better.”

As well as delivering homes for affordable ownership, the new programme will deliver homes for Affordable and Social Rent.

Nick Walkley, Chief Executive of Homes England, said: “The fund will support improved productivity in construction and unlock new economic opportunities across the country.”