The government has today confirmed an investment of £866 million will be set aside for local housing projects.
In a bid to reach the target of building 300,000 new homes each year by 2020, Chancellor Philip Hammond and Housing Secretary Sajid Javid announced that the fund will support 133 council-led projects throughout the country, aiming to streamline the process which will make housing developments more viable.
The investment is the first wave of funding from the £5 billion Housing Infrastructure Fund, going towards key local projects such as new roads, cycle paths and flood defences.
According to the government, financial support for these projects is essential, and without it, building the supply needed to meet the demand for housing would be delayed.
Commenting on the investment, Philip Hammond, the Chancellor of the Exchequer stated: “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 stated: Our priority is building the homes this country desperately needs.
This first wave of investment totalling £866 million 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.
