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Welsh Budget: Housing supply could be boosted by 6,000 homes

Words: Roger Milne
Housing estate in Wales

The Welsh Government has announced that it is investing up to £290 million in the second phase of its Help to Buy – Wales initiative in a bid to boost housing supply and home ownership.

Between 2016 and 2021, the funding aims to support the construction of more than 6,000 additional new Welsh homes.

Ministers have highlighted that recent statistics show that during 2014-15 a total of 6,955 new homes were started, a rise of 20 per cent on the previous year.

News of the housing funding came as the administration announced its budget, the last before Assembly elections next year.

Local authorities will receive more than £4 billion funding from the Welsh Government in 2016-17, public services minister Leighton Andrews announced.

The figure represents a decrease of just 1.4 per cent, from the amount received last year on a like-for-like basis and includes £35 million to continue the Welsh Government’s commitment to prioritise schools funding.

The budget indicated an allocation of £28 million for investment in Enterprise Zones, which includes the remaining £7 million of a financial package for Cardiff International Airport route development.

The budget announcement also included funding for the second phase of the Llangefni link road, infrastructure works for the Northern Gateway Highway and the Dyfi Bridge on the A487.

Extra funding is also being provided for the St Asaph Flood Risk Management Scheme and the so-called Coastal Risk Management Scheme.

The Welsh Draft Budget 2016-17 can be found here.

Image credit | iStock