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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