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Theresa May has made some big promises - but with no figures to back them up

Theresa May's got a big promise - she'll build "a generation of social housing" after the number of new affordable homes hit a 24-year low.

But is her pledge built on sand?

Cracks are appearing in the brickwork just hours after the policy was announced, because it has no new money and no target for the number of homes that'll actually be built.

Bizarrely, it even appears some of the homes could then be sold off to City giants.

Labour says the policy is "political spin with no substance".

One anonymous housing expert who studied the Tory release today told us it's "vague" and "extraordinarily light on detail".

And BBC interviewer Andrew Neil picked apart the policy, telling a minister: "Why should we believe a word you say?"

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The whole thing is an election-season grab at Labour turf after Jeremy Corbyn announced he'd build 100,000 social homes a year.

So what is Theresa May promising, how is her pledge different from Labour's, and what's wrong with it?

We've picked out the detail - or lack of it.

This is how it'll work

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David Cameron bricklaying, because we don't have a photo of Theresa May doing it (Photo: PA)

The Tories are promising to "strike new deals with the most ambitious councils and housing associations".

It means the local organisations can bid for direct funding and borrowing power, plus support from the government's Homes and Communities Agency.

Compulsory purchase rules will also be 'reformed' to make it easier and cheaper for councils to seize derelict land.

Theresa May boasts today: "It is part of my determination to build a better Britain our children and grandchildren are proud to call home."

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MICHAEL FALLON ADMITS THERE'S NO NEW MONEY FOR BIG HOUSING PLEDGE

"It’s not new money," Defence Secretary Michael Fallon admitted, not 12 hours after the policy was announced."

The money is coming from the £1.4bn we earmarked for capital expenditure from the Autumn Statement last year."

The problem is, that pot - which the Chancellor said would allow 40,000 new affordable homes - was already earmarked to be split between three different things.

It was promised for affordable rent schemes, where homes cost 80% of the market rate.

And it was promised for shared ownership schemes, where tenants' bills are split between rent and a mortgage.

AND it was promised to a 'rent to buy' scheme, where tenants pay a discounted rent while they save for a deposit.

It's not yet clear how the money will be split now or whether the formula will change.

How Labour compares: Labour's housing fund is expected to cost £13.5bn up front (but the party insists it'll save billions in housing benefit long term).

Tories pledge to build 40,000 more affordable homes in Autumn Statement 2016

There's NO target number of homes

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Labour has set a 100,000-a-year target, but Tories won't be drawn on numbers (Photo: Alamy)

There's no set number of homes - meaning unlike on immigration, the Tories can't fail to meet their target.

Flustered former Housing Minister Brandon Lewis told the BBC: "I’m not going to give you a fixed number."

Instead he said it would "depend on the negotiations we have" with councils, especially in England's big cities like Birmingham and Manchester.

And he claimed "it's not just about the money".

But he was roasted by interviewer Andrew Neil, who told him: "You can't tell us how much money, what the target is, what the timescale is."

And this of a government under which affordable housebuilding has fallen to a 24-year low. 1.2million families are on waiting lists for social housing to rent."

That's your record. Why should we believe a word you say?"

How Labour compares: Labour has promised to build a million houses over a five-year parliament, half of which (100,000 a year) would be council or social housing.

How much would Jeremy Corbyn's draft Labour manifesto policies cost? 10 key plans under the microscope

Could some homes be flogged off to the City?

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Labour's John Healey claims the sell-off could leave us with fewer homes overall (Photo: PA)

The small print appears to suggest the homes could be sold off to City investment giants after people have lived in them just a decade."

At least some" of the homes will only have a fixed tenancy, for example of 10 to 15 years.

After that they will be sold to a "private owner, landlord or institutional investor", the release says.

Institutional investors are large bodies that invest on behalf of members, and can include banks, pension schemes, insurance firms and hedge funds.

The Tories say this will raise quality by "aligning incentives with the private market".

But there are issues here.

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What the release to journalists said

They say the tenant living in the house will get first dibs on it under Right to Buy - but what if they can't get the cash together?

And they say the proceeds will be reinvested in more social homes - but how will that help the overall number of social homes in the system rise?

Labour's Shadow Housing Secretary John Healey told us: "No new funding combined with a commitment to selling off more homes could mean we end up with even fewer affordable homes than we've got at present.

"This just hasn't been thought through.

"We've asked the Conservative Party if they can rule out homes being flogged off to City giants, and are awaiting a response.

There's also NO detail about compulsory purchase

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Theresa May's plans are, well, a little light on detail (Photo: Getty)

The release promises "reform" of compulsory purchase rules.

It makes a big deal of pointing out how councils have to buy up derelict land at "market value", including planning permission whether it's granted or not, meaning this is almost always unaffordable.

But so far there's no target, number or detail on exactly how the rules will be reformed and what the new rules would be.

You're probably seeing the pattern by now.

So what's an expert's verdict?

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Lord Bob Kerslake said: "We have too little of the detail what difference it will make"

We asked Bob Kerslake, who used to run the government's housing department as a civil servant under David Cameron and now sits in the House of Lords.

Lord Kerslake told us: "We desperately need more homes of all types and local authorities have a key role to play in delivering this. They should be freed up to borrow and build themselves.

"We have too little of the detail on this proposal, however, to know how much of a difference it will make."

And what does Labour say?

John Healey MP
✔@JohnHealey_MP

Not even 10am and Tories' overnight housing pledge has unravelled. On @MarrShow Michael Fallon admits not a single penny of extra funding.1:53 AM - 14 May 2017

Shadow Housing Secretary John Healey tweeted: "Not even 10am and Tories' overnight housing pledge has unravelled.

"He added: "After seven years of failure, the Conservatives have no plan to fix the housing crisis.

"A Labour government will back first-time buyers and build the homes we need, including 100,000 genuinely affordable homes to rent and buy a year by the end of the next Parliament.”

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