My hon. Friend makes a pertinent point that goes to the heart of what we are seeking to do. With starter homes, shared ownership and other areas of Government policy, we are seeking to deliver homes for people who want to be part of the 86% who aspire to home ownership. Labour Members have often voted against and regularly outlined their opposition to that. We want to support those people; that is what the Bill is about.
Let me make it clear that the starter home requirement will not prevent councils from delivering other forms of affordable housing and home ownership products. For example, shared ownership and other home ownership products are part of the diverse and thriving housing
market that we enjoy in this country. They help those who aspire to home ownership but who cannot afford even a discounted purchase. We have published a prospectus in the past couple of weeks that invites housing associations and other providers to bid for £4.7 billion of funding to deliver 135,000 shared ownership homes and £200 million to deliver 10,000 rent-to-buy homes as well.
The Bill focuses on starter homes, creating that new product and kick-starting delivery. We strongly believe that this is the most effective way to meet our manifesto commitment. Let me remind the House that we promised in our manifesto to deliver 200,000 new starter homes exclusively for first-time buyers under 40.