Funding investment for housing projects

The government has announced some £866M in investment for local housing projects.

This is the first phase of funding unlocked from the £5Bn Housing Infrastructure Fund, which is part of a government-led programme to help fix the housing market.

The funding will support the construction of 200,000 new homes at 133 council-led projects across the country. Announcing the funding, Housing Secretary Sajid Javid and Chancellor Philip Hammond said that the funding will support local work that will make housing developments viable and get much-needed homes built quicker.

The government is committed to building 300,000 homes a year by the mid-2020s, and this latest investment will fund key local infrastructure projects including new roads, cycle paths, flood defences and land remediation work, all essential ahead of building the homes. This boost will enable construction of much needed homes to take place more quickly than with traditional measures. Together with the government’s Industrial Strategy, it will provide high-quality infrastructure to support economic growth.

Chancellor of the Exchequer, Philip Hammond, 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 Sajid Javid said: “Our priority is building the homes this country desperately needs.

“This first wave of investment totalling £866M 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 under this first phase of funding include:

• £10M for highway infrastructure at the Ashton Green housing site, Leicester, helping to unlock 3,300 homes
• £10M for a critical strategic road infrastructure project in Botley, Hampshire that will help unlock the delivery of 1,000 new homes
• £3.6M for drainage works, new roads and footpaths at the Manor Cluster, south-east Sheffield to help unlock more than 400 homes by 2025
• £6.5M for a new primary school as part of the Ilfracombe Southern Extension in North Devon. This will help unlock 750 new homes.

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