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Govt To Invest £866m In Huge Housing Projects
The UK is set to benefit from up to 200,000 new homes over the next year, after the government committed to investing £866 million in the construction industry.
Scaffolding erectors will be in high demand after 133 councils across the country will be given finance towards housing developments.
Chancellor of the exchequer Philip Hammond said the initiative will help the UK “build the home our country needs”.
“The fund finances vital infrastructure such as roads, schools and bridges, which will kick-start housing development in some of Britain’s highest-demand areas,” he stated.
This comes as part of the government’s plans to build 300,000 homes a year by the mid-2020s, which it hopes will provide a boost to the housing market.
Among the projects that will receive funding are a £10 million bypass in Botley, Hampshire, which will provide the road infrastructure for 1,000 new builds there.
Manor Cluster in south-east Sheffield will also receive £3.6 million for new roads, footpaths and drainage works for 400 new homes by 2025.
Furthermore, £10 million will be spent at Ashton Green in Leicester to unlock the potential for 3,300 homes.
The investment is part of the £5 billion Housing Infrastructure Fund, which intends to help areas with the greatest demand for housing.
This will certainly come as good news to those in the construction industry, which is perhaps why the sector is attracting so many employees at the moment.
According to the Construction Industry Training Board, 2.77 million people could be working in construction jobs by 2022, The Independent reported recently.