In a major attempt to fix the broken housing market in the UK, the government confirmed an investment of £866 million in local housing projects.
Housing Secretary Sajid Javid and Chancellor Philip Hammond recently announced that 133 council-led projects across the country will receive funding to support local work that will make housing developments viable and get much-needed homes built quicker.
With the gap between the demand and supply of housing in the UK widening gradually, price inflation has been out of control. The government is falling short of its housing target every year, and it is coming up with innovative programmes to meet the demand for housing.
This latest investment will fund key local infrastructure projects including new roads, cycle paths, flood defences and land remediation work, all essential ahead of building the homes. With the government committed to building 300,000 homes a year by the mid-2020s, this first wave of funding from the £5 billion Housing Infrastructure Fund is part of a comprehensive programme to fix the broken housing market.
The £5 billion Housing Infrastructure Fund is a government capital grant programme to help unlock new homes in areas with the greatest housing demand. Funding is awarded to local authorities on a highly competitive basis.
This is just one of the many ways this government is taking action to get Britain building homes again: Housing Secretary Sajid Javid