New homes for old means using the money from selling an old home on the open market to buy two new homes from developers.

As part of the planning permission agreements from many developments, developers must sell a certain number of new homes to housing associations at discounted rates. The Trust also negotiates to buy small developments 'off plan' (before they are physically built) at discounted rates.

At sites where we already own the homes and surrounding land, we are able to build on unused space to provide more homes. These homes cost us less as we already own the land they are being built on, so we only have to pay for the homes not the land as well.

This means that we can buy or build new homes for less money than the value of an old home.

In the last eighteen months, up to September 2007, we have sold 185 old properties, which have allowed us to buy 325 new homes so far. We also have a further 106 new homes waiting for contracts to be signed and have bids for an additional 26 homes at a value of £45m.

Many opportunities for growth exist with the continuing growth of Telford. There are indications that between now and 2011, approximately 1,400 homes will be built each year, of which approximately 20 - 25% will be affordable.