Government investment to build thousands of new homes

Government investment to build thousands of new homesCommunities across the country are set to benefit from thousands of extra homes under new deals revealed by the government today that will boost the construction trades.

Speaking at the Chartered Institute for Housing conference in Manchester, Communities Secretary Eric Pickles set out why housing is the cornerstone of Britain’s economic strength and social well-being.

Mr Pickles said considerable progress has been made to fix the broken housing market, but that there is still more to do and government will continue to get the country building more homes.

Millions of pounds of investment across a range programmes will boost the supply of new homes in all areas of the housing market:

  • over £53 million will accelerate construction of more than 7,000 homes on large developments in Manchester, Medway, Swindon and Kettering. The new deals will bring the total number of homes supported through the Local Infrastructure Fund to over 80,000 since the scheme began in 2012
  • the government has set aside £1 billion over the next 5 years for further rounds of the programme. So far 56 bids have been received which demonstrate the strong interest from developers in getting workers back on stalled large-scale sites and to deliver the homes. An announcement about the shortlisted bids for the first round of funding will be made later in the summer
  • a new £3 million fund to help planning authorities tackle barriers to work starting on site – the fund will give authorities additional capacity to focus on issues such as finalising section 106 agreements and signing off planning conditions, to help get work started on sites as quickly as possible. The fund could accelerate starts on up to 85 sites with the potential for up to 25,000 homes
  • over £49 million will support 3 new schemes under the Build to Rent programme in Hampshire and Croydon. The funding will help deliver over 540 homes specifically for private rent, bringing the total number of homes supported through the programme so far to over 1,600
  • a new prospectus for a new £150 million investment fund for 10,000 ‘serviced plots’ will be published. The funding will help bring forward ‘shovel ready’ sites where people can hire a developer to build the home they want, a type of development known as custom build. A demonstration site at Park Prewett, near Basingstoke, will begin shortly

Communities Secretary Eric Pickles said: “In 2010 we inherited a paralysed housing market and a collapsing rate of construction. Since then we’ve delivered over 445,000 new homes, and house building is at its highest rate since 2007 and still climbing.

“The resurgence in house building is clear evidence that the government’s long-term economic plan is working, but there is still more to do.

“The investment we’re announcing today will help us meet this challenge by driving up the supply of new homes in every corner of the housing market. From new places for rent to people designing to those building their own properties – we will support and deliver the homes this country needs.”

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