Over £600 million announced for new housing infrastructure in England
The Government has announced over £600 million in new funding to support the building of 50,000 new homes and housing infrastructure in England.
Chancellor Sajid Javid said that the fund will ensure the necessary infrastructure is in place to unlock housing in high demand areas. The finance will be made available through the Housing Infrastructure Fund (HIF), originally launched by Javid when he was Secretary of State for Communities and Local Government.
Since it was launched, £1.3 billion has been allocated to deliver up to 76,500 homes and the latest £600 million will help deliver five new projects in London, central Bedfordshire and Essex, all areas of high demand for new housing.
‘I want to see more homes built in the places people want to live, so more people realise the dream of home ownership. But we need the roads, rail links, and schools to support the families living in those homes, which is why I set up a fund to put in place the infrastructure to unlock new homes in these areas.’
The recently appointed Housing Secretary Robert Jenrick that the investment of over half a billion will unlock thousands of new homes by providing essential infrastructure.
Jenrick pointed out:
‘To build more, we need to provide the infrastructure and public services to match. This package will support existing communities and ensure they receive the roads and schools to sustain the homes being built.
‘Last year we built more new homes than any other year bar one in the last 30 years. There’s more to do and I will be focusing relentlessly on getting Britain building. While there are many sites all over the country that could be used for new housing projects, many lack the infrastructure needed to make building homes on them viable. This can be because they lack the roads, rail links, or schools required to unlock new development.’
The HIF is designed to support local authorities that want to step up their plans to increase the overall housing supply, make more land available for housing, and deliver new physical infrastructure that supports new and existing communities.
Jenrick added that the boost to funding underpins the Government’s commitment to increasing the UK’s housing supply and helping more young people to realise their dream of home ownership.
Kindly shared by Property Wire