In a major impetus to boost housing in the UK, the government announced funding for regeneration of 105 housing estates. The £32 million Estate Regeneration Fund will be distributed to local authorities and housing associations across England to speed up the building of thousands of new homes.
Following successful engagement with local communities, the selected estates from Gateshead to Plymouth will benefit from the funding, to be used to speed up regeneration schemes, which are in their early stage. It will also help address problems that hold up projects and give local authorities access to skills to ensure high-quality regeneration.
Announced last year, the Estate Regeneration Strategy offered a blueprint for regenerating estates, providing advice and guidance to help improve and speed up development. In addition to the £32 million released now, £140 million in loan funding is available over the length of this Parliament to encourage investment in regeneration from the private sector to help build places that work for everyone, a Press Release from the Department for Communities & Local Government, said.
The announcement has enthused the private sector, as it will play an active role in regeneration of housing estates. The funding aims to ease the housing crisis in the long-term, as inflation has kept thousands of aspiring home-buyers outside the housing network in the UK.
More than 100 housing estates across the country are set to benefit from a significant investment to kick-start their regeneration, the Communities Secretary Sajid Javid has announced