UK announces £600m funding to deliver 50,000 new homes
August 20, 2019 – The UK Government has announced more than £600m in new funding to support the construction of 50,000 new homes in England.
Chancellor Sajid Javid said that the financing, which will be made available through the Housing Infrastructure Fund (HIF), will ensure necessary infrastructure is in place to unlock housing.
The funding will be used to deliver five new projects in high demand areas in England including London, Central Bedfordshire and Essex.
Javid 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.”
Of the total funding, £218m will be financed for ‘Beaulieu Station and North-East bypass’ bid from Essex County Council to deliver a new train station and road improvements to unlock up to 14k homes.
Additionally, £156m is allocated for the ‘Meridian Water’ bid from Enfield to unlock up to 10k homes and a further £99.9m for the ‘Tendring Colchester Borders Garden Community’ bid from Essex County Council to unlock up to 7.5k homes.
About £69.6m will be provided for the ‘Transformational Growth in Biggleswade’ bid from Central Bedfordshire to deliver a new secondary school and transport infrastructure to unlock up to c.3k homes as well as £80.8m for the ‘East London Line – Growth Capacity’ bid from the GLA to deliver transport upgrades to unlock up to 14k homes.
Since the launch of HIF, £1.3bn has been allocated through the fund to deliver up to 76,500 homes.
Housing Secretary Robert Jenrick 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.”