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 and Chancellor 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, , 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 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.
The £5 billion Housing Infrastructure
Fund is a government capital grant programme to help
unlock new homes in areas with the greatest housing demand.
Funding is awarded to local authorities on a highly competitive
basis.
The fund is divided into 2 streams:
- A Marginal Viability Fund – available to all single and lower
tier local authorities in England – to provide a piece of
infrastructure funding to get additional sites allocated or
existing sites unblocked quickly. Bids can be up to £10 million.
- A Forward Fund – available to the uppermost tier of local
authorities in England – for a small number of strategic and
high-impact infrastructure projects. Bids can be up to £250
million.
The government will be progressing Forward Funding projects to go
through to co-development in the coming weeks, with final funding
announced from Autumn 2018. Today’s announcement forms part of
the government’s Industrial
Strategy which sets out a long term plan to boost the
productivity and earning power of people throughout the UK.
The Strategy sets out how we are building a Britain fit for the
future – how we will help businesses create better, higher-paying
jobs in every part of the UK with investment in skills,
industries and infrastructure.
The government together with Homes England assessed each bid for
their strategic ambition, benefits costs ratio and their
deliverability.
We will work with the local authorities over the coming months to
progress schemes through detailed funding clarification.
See details of all bids:
