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14/02/2019

Government announces £250 million in new housing deal funding

Words: Martin Read
Construction / iStock-115939402

The government has announced a series of new housing deals through which £250 million will be allocated with the aim of delivering close to 25,000 new homes.

Some £157 million is allocated for the development of transport and green infrastructure in Devon and Cumbria to support housing development in those counties, as well as:

  • Arrangements with Homes England to build on seven former Ministry of Defence bases.
  • A £78 million loan to help fund development of more than 1,500 new homes at London’s Queen Elizabeth Olympic Park.
  • £10.6 million in funding awarded to Welwyn Hatfield Borough Council – the first award through the government’s £450 million Accelerated Construction Programme – for up to 670 new homes.

Housing secretary James Brokenshire said that through these and other measures, the government was “invoking the spirit of Britain’s post-war push to build” as it focused on its target of delivering 300,000 new homes a year.

“By investing in infrastructure, freeing up public sector land and offering targeted loans, we are making the housing market work. These deals struck today will help us build almost 25,000 more homes – which is another symbolic step towards our homebuilding targets.”

Key points

The government will invest £157 million from the Housing Infrastructure Fund for schemes in Devon and Cumbria.

  • In Devon, £55 million will be spent on road improvements and other infrastructure, allowing 2,500 homes to be built to the south-west of Exeter.
  • In Cumbria, the money will pay for a motorway link road between south Carlisle and the M6, “unlocking up to 10,000 new homes” at St Cuthbert’s Garden Village.
  • Homes England has agreed a partnership with the Defence Infrastructure Organisation to build more than 10,000 homes on seven different sites from land released by the Ministry of Defence. There is also potential for further surplus army land to be made available in the future.
  • Two new neighbourhoods of 1,500 homes will be built in London’s Queen Elizabeth Olympic Park.
  • The £78 million loan from Homes England is part of the government’s £4.5 billion Home Building Fund.
  • Up to 650 new homes will be built on three sites in Welwyn Garden City and Hatfield, Hertfordshire, using Modern Methods of Construction – which mean properties can go up more quickly. Work is due to start on the first site in Hatfield town centre in June.

Image credit | iStock

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