The Chancellor announces over £600 million of new investment to build up to 50,000 new homes in high demand areas in England
Up to 50,000 new homes in high demand areas will be delivered through over £600 million of new investment for housing in England, the Chancellor announced today (Saturday 17 August).
The funding will be made available through the Housing Infrastructure Fund (HIF), originally launched by Mr 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.
The announcement today builds on this, and the £600 million will help deliver five new projects in London, Central Bedfordshire and Essex – all areas of high demand for new housing.
Chancellor of the Exchequer Rt Hon Sajid Javid MP said:
I want to see more homes built in the places people want to live, so more people realise the dream of homeownership. 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.
And today I’m announcing hundreds of millions in new investment, helping more people get on the property ladder and allowing more communities to flourish.
Housing Secretary Rt Hon Robert Jenrick MP said:
I am determined to help people make the dream of home ownership a reality and this investment of over half a billion will unlock thousands of new homes by providing essential infrastructure.
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.
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.