HM Treasury
Printable version

£866 million investment to help unlock potential 200,000 new homes

Up to 200,000 new homes are set to get off the ground as government confirms £866 million investment in local housing projects today (1 February 2018).

Housing Secretary Sajid Javid and Chancellor Philip Hammond announced that 133 council-led projects across the country will receive funding to support local work that will make housing developments viable and get much-needed homes built quicker.

With the government committed to building 300,000 homes a year by the mid-2020s, this first wave of funding from the £5 billion Housing Infrastructure Fund is part of a comprehensive programme to fix the broken housing market.

This latest investment and will fund key local infrastructure projects including new roads, cycle paths, flood defences and land remediation work, all essential ahead of building the homes.

Without this financial support these projects would struggle to go ahead or take years for work to begin, delaying the homes these communities need. Together with the government’s Industrial Strategy, it will provide high-quality infrastructure to support economic growth.

Chancellor of the Exchequer, Philip Hammond, said:

Today marks the first step of the multi-billion pound investment we announced at the Budget to help build the homes our country needs.

This fund finances vital infrastructure such as roads, schools and bridges, which will kick-start housing development in some of Britain’s highest-demand areas.

This support will help us meet our ambitious plan of building 300,000 new homes each year and ensure we have enough housing in areas which need it most.

Housing Secretary Sajid Javid said:

Our priority is building the homes this country desperately needs.

This first wave of investment totalling £866 million will help get up to 200,000 homes off the ground, making a huge difference to communities across the country.

This is just one of the many ways this government is taking action to get Britain building homes again.

Projects from County Durham to Cornwall will receive funding including:

  • £10 million for highway infrastructure to unlock further development at the Ashton Green housing site in Leicester, helping to unlock 3,300 homes
  • £10 million for construction of a bypass in Botley, Hampshire, a critical strategic road infrastructure project that will help unlock the delivery of 1,000 new homes
  • £3.6 million for drainage works, new roads and footpaths at the Manor Cluster, south-east Sheffield to help unlock more than 400 homes by 2025
  • £6.5 million to help build a new primary school as part of the Ilfracombe Southern Extension in North Devon. This will help unlock 750 new homes.

Click here for full press release

 

Channel website: https://www.gov.uk/government/organisations/hm-treasury

Original article link: https://www.gov.uk/government/news/866-million-investment-to-help-unlock-potential-200000-new-homes

Share this article

Latest News from
HM Treasury

Data Centre Colocation Dedicated to the UK Public Sector- Click here to discover more