Housing secretary Robert Jenrick has launched an £11.5bn affordable homes programme that will be used to build up to 180,000 homes for first-time buyers.

Half of the homes created under the five-year project will be made available under affordable home ownership schemes. The remainder will be discounted or social rentals, with rents set at half of the commercial rates.

Of the total, close to £7.5bn will be delivered outside London by Homes England, while the Greater London Authority has been offered £4bn as negotiations about what would be delivered continue.

The programme is part of £12.2bn being invested in affordable housing, announced in the chancellor’s last budget.

Jenrick has also announced a new model for shared ownership, reducing the minimum initial share to 10% from 25% and setting the incremental amount by which people can buy additional shares to 1%.