20,000 new affordable homes will be built across the UK, thanks to a £3 billion increase in a government-backed loan fund that opened earlier this month.

It may be good news for Northern Ireland construction companies working on projects throughout the UK.

The expansion of the Affordable Homes Guarantee Scheme, which provides low-cost loans to housing providers, will support thousands of new homes. For the first time, the scheme can also be used to upgrade existing properties, making them warm and decent for tenants.

Providers will be able to apply for loans to carry out vital building safety works, such as the removal of dangerous cladding.

Backed by the Department for Levelling Up, Housing and Communities, the now £6 billion fund will help housing providers access low-cost loans so they can expand their business, build more affordable homes and upgrade their existing stock.

Housing Minister Lee Rowley said: “We know getting cost-effective loans can be a stumbling block for many developers building more affordable homes or upgrading their existing stock, so it is of the quality tenants deserve.

“This new round opening today will not only improve the lives of those already living in homes, but help thousands of families benefit from new, high-quality, affordable housing.”