• Issue 33

  • Feb 2018

The Source

£866 Million New Home Building Fund

The Ministry of Housing, Communities & Local Government has confirmed an £866 million investment in local housing projects that will help build up to 200,000 new homes.

As part of the government’s commitment to build 300,000 homes a year by the mid-2020s, Housing Secretary Sajid Javid 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. This funding will also support key local infrastructure projects including new roads, cycle paths, flood defences and land remediation work, all essential ahead of building the homes.

Among the projects to receive funding are £10 million for highway infrastructure to unlock further development at the Ashton Green housing site in Leicester, helping to unlock 3,300 homes, plus £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.

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.”

The funding is part of the government’s £5 billion Housing Infrastructure Fund, which is a capital grant programme to help unlock new homes in areas with the greatest housing demand.