The UK government has announced another £250m for building desperately-needed new homes across England.
A new round of housing deals is the latest in a series of steps taken by the government as it strives towards its goal of building 300,000 new homes each year.
As part of this, £157m will be invested for new infrastructure in Cumbria and Devon, the Ministry of Housing, Communities and Local Government (MHCLG) said.
The money will pay for a new motorway link between south Carlisle and the M6, unlocking up to 10,000 new homes at St Cuthbert’s Garden Village.
In Devon, £55m will be spent on road improvements and other infrastructure so 2,500 homes can be built to the south-west of Exeter.
In addition, 1,500 homes will be built in London’s Queen Elizabeth Olympic Park following a £78m loan from Homes England.
The loan is part of the government’s £4.5bn Home Building Fund, which provides development and infrastructure finance to home builders.
The first phase of the development is expected to end in summer 2021, with full completion by 2028, the MHCLG said.
The UK is currently facing its biggest housing shortfall on record, with a backlog of almost 4 million homes, according to research by Heriot-Watt University.
James Brokenshire, communities secretary, said: “We delivered 222,000 homes last year, which is the highest number in a decade, but we must keep upping our game.
“We are invoking the spirit of Britain’s post-war push to build as we strive to hit our target of 300,000 new homes a year by the mid-2020s, for the first time since the days of Harold Macmillan.
“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.”
A new partnership by Homes England will create 10,000 properties on Ministry of Defence land on seven military bases – with the potential for surplus army land to be used in the future.
Tobias Ellwood, minister for defence, people and veterans, said: “As we work to make our military bases more modern and efficient, it’s important that former MOD land is used in a way which serves local residents and the economy.
“This new partnership underlines our commitment to helping housebuilding in this country and will provide good value for money to taxpayers.”
Sites will be developed at bases RAF Henlow, MOD Site 4, Swynnerton Training Camp, Claro and Deverell Barracks, MDPGA Wethersfield, Prince William of Gloucester Barracks and Chetwynd Barracks.
Source: Yahoo Finance UK