Government announce £45m cash injection for new builds

A new round of funding has been announced by the government in an attempt to 'kick start' construction for up to 7,280 homes through 79 projects on council owned land.

Related topics:  Mortgages
Warren Lewis
16th February 2018
New build house

Housing minister, Dominic Raab,  believes the new funding will ensure councils unlock enough land they own for as many 160,000 homes by 2020.

Reaching from Newcastle to Plymouth, the new funding aims to combat barriers which would otherwise make land unusable for development – road construction and asbestos removal being two examples.

The latest funding boost comes as the projects set to benefit from the first wave of funding from the £5bn Housing Infrastructure Fund were announced, with up to 200,000 new homes set to start construction.

Home ownership collapes

However, today's announcement could well be eclipsed by some less than favourable data released by the Institute of Fiscal Studies which revealed that homeownership rates for young adults have “collapsed” as property value growth continues to outstrip wage increases.

Dominic Raab had this to say: “We are investing £45m to build roads and provide utilities, so councils can release the land to get up to 7,280 new homes built. It’s part of our strategy to build the homes Britain needs, and carry local communities with us.

We’re determined to make buying or renting more affordable for young families and those on low or middle incomes.”

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