Three areas of the UK have been selected by the government to receive a share of almost £300m in funding to go towards building homes and supporting infrastructure, including the provision of more affordable housing.
Greater Manchester, Oxfordshire and the west of England will get the allocated funding to enable them to deliver more new housing to meet the government’s annual 300,000 quota, after they were deemed “ambitious areas” with some of the highest demand for housing in the country at the moment.
[crb_image link=”https://www.buyassociationgroup.com/en-gb/advice/property-investment-starter-course/” image=”https://cdn2.hubspot.net/hubfs/1717782/Asset_Store/WebCTA/cta.jpg” align=”left”]
Of the total Housing Investment Fund, Greater Manchester will receive around £70m, of which £50m will go towards the development of brownfield land, with £10m going specifically towards the regeneration of inner Manchester’s Collyhurst area and £8m for increasing staffing capacity to facilitate the investments. There will also be added flexibility included in the fund to enable more loans to be granted to developers in order to boost house building.
Housing secretary Sajid Javid said: “This government is determined to build the homes this country needs. That’s why we’re working with ambitious areas across England and backing them with investment and support.
“We’re also investing in local infrastructure like schools, roads and hospitals, so that we can help unlock even more new homes in the areas where they’re needed most and build a Britain fit for the future.”
Building on brownfield to save green space
The remaining £218m of the total fund is expected to almost double the number of new homes being delivered in the west of England from roughly 4,000 to 7,500, while Oxfordshire should benefit from an additional 100,000 new homes by 2031.
Speaking after the Greater Manchester investment was announced, Metro Mayor Andy Burnham said that the funding would bring the area closer to its ambitions by enabling more building on brownfield sites.
He added: “As we look to build the homes Greater Manchester needs, we must do everything we can to make sure as much brownfield land as possible is made available for development. This is the best way to ensure we minimise the impact on our green spaces.
“But this isn’t just about numbers of homes and land for development. I’ve been clear that I want to see more truly affordable homes built and more homes available for social rent across Greater Manchester.”
