Communities Secretary Rt Hon James Brokenshire has launched a new investment to solve the potential issues that cause delays to building projects in areas where they are needed the most
The investment will cover issues such as land contamination, infrastructure requirements, and complex land ownership which can present real barriers to building homes in the areas that need them the most.
As of today (17th September) the government will provide the Land Assembly Fund and the Small Sites Fund for Homes England to deploy alongside their expertise. As a result, land will be released to deliver 300,000 new homes a year by the mid-2020s.
The £1.3 billion Land Assembly Fund, will be used to prepare land for projects to make it more suitable for building on. In doing so, it will remove the risk for developers to invest in and start building.
For projects outside of London, Homes England will oversee the work.
Homes England Chairman, Sir Edward Lister said: “Homes England is stepping in where the market isn’t working, unlocking land and releasing sites to those developers that are committed to providing homes at pace.
“The £1.9 billion announced by the government today will mean we can invest in crucial infrastructure and help local authorities to get more homes built on public land.
“The government will work closely with the Greater London Authority to help ensure targeted funding through the Land Assembly Fund and Small Sites Fund can deliver additional homes in the capital.”
In addition, the £630 million Small Sites Fund will provide grant funding for public land owners and local authorities who are struggling to push ahead with building projects on land in their local areas. The fund will support them in getting the right infrastructure to provide the homes that their communities need.
Communities Secretary, Rt Hon James Brokenshire MP said: “We need to act on a number of fronts to build the homes this country needs.
“The availability of this investment will help us intervene in the sort of sites that aren’t yet ready to build on, or where developers have been put off.
Developers can now get straight on with building homes, rather than overcoming the barriers to build. And in the same way we are also supporting councils that have land for housing, but need additional help to enable development.”
