The impact of grant funding should be judged on how well it solves the full range of local housing issues, including affordability, quality, and undersupply Nearly 100,000 households are in need of sub-market housing each year. The incomes of these households, and therefore the housing they can afford, vary hugely. Housing policy should allow tenure flexibility to reflect local housing needs and ensure value for money from grants.

Against this need, we have delivered an average of 45,000 submarket homes annually since 2013. 93% of the shortfall is in London and the South, whilst affordable delivery gets close to meeting needs in the North and Midlands. It would take £7bn each year to provide social rented homes to all of those in need of sub-market housing. In the most expensive parts of the country, this could offer a significant benefit saving compared to housing these households in market-rented homes because social rent is at such a discount.