23 March 2018
Funding has been announced to underwrite new residential developments in the UK. The deal is aimed at decreasing house prices and aiding those looking to get on the UK property ladder.
The British government announced a £218 million deal on Wednesday to underwrite new housing developments in Oxfordshire and the West Country.
Ministers also revealed the allocations shortlist for £4.1 billion of Housing Infrastructure Fund cash with 44 short-listed bids “subject to further assessment”. The fund is predicted to support the delivery of more than 400,000 homes by paying for infrastructure projects including roads, schools and medical facilities.
The Ministry of Housing, Communities and Local Government said Oxfordshire would receive £215 million as part of a programme aimed at building 100,000 new homes by 2031.
The majority of that money will come from the Housing Infrastructure Fund, but the county’s six district councils will also receive £60 million to help them build 1,300 affordable homes.
Meanwhile, the West of England combined authority – consisting of Bath and NE Somerset Council, Bristol City Council and South Gloucestershire Council – will receive £3 million to increase new home building in the region from around 4,000 units a year to about 7,500. Officials will also explore a possible deal with housing associations in the West of England.
The government said the West of England was an area of high housing demand area with average house prices across the region now running at more than eight times average incomes, with homes in Bath more than 10 times the average.
Housing Secretary Sajid Javid said, “This government is determined to build the homes this country needs. We are working with ambitious areas across England and backing them with investment and support.
“This new housing investment in the West of England and Oxfordshire will help build much-needed homes giving more people the opportunity to get on the property ladder.
“We’re also investing in local infrastructure like schools, roads and hospitals so that we can help unlock more new homes in areas where they’re needed.”
The latest announcement of the deals followed a similar one reached with the West Midlands last week, which is aimed at delivering 215,000 additional homes in the region.