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The communities secretary has announced that two streams of investment will now be provided by the government – the Land Assembly and the Small Sites funds – to help tackle issues that face potential housing sites, as well as ensuring homes are built where they’re needed the most.
As part of the plans, problems such as complex land ownership, infrastructure requirements and land contamination will be tackled, with the funds helping to release land that will see 300,000 new properties delivered every year come the mid-2020s.
Making the announcement, James Brokenshire said that numerous fronts must be acted upon in order to address the housing crisis and make sure that the country gets the homes it 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,” he went on to say.
Sir Edward Lister, Homes England chairman, made further comments, saying that infrastructure can now be invested in thanks to the £1.9 billion made available, which will see more homes built by local authorities on public land.
This comes just days after Mr Brokenshire also announced a new partnership with Barclays Bank that will see £1 billion of loan finance available for small and medium-sized developers in a bid to help speed up the delivery of thousands of new properties across England.
Those developers that can demonstrate their experience and commitment to building new homes, and with a track record of delivering projects on time and on target, will be able to take advantage of the loans, ranging between £5 million to £100 million.
Homes England will be overseeing the funding, which is intended to put greater emphasis on opening up the housing market in the country – which at the moment sees nearly two-thirds of new properties built by just ten companies.
The Housing Delivery Fund will see new homes delivered, including social housing, apartments and retirement living for rent, as well as encouraging even more innovation as to how this housing is delivered, such as the use of brownfield land and urban regeneration projects.
It certainly seems as though something must be done to get the country building once again. Back in August, a BBC report revealed that 80 per cent of local authority areas saw fewer homes built annually than government estimates say are required. Housebuilding across half the country is now slower than it was before the financial crash back in 2008.
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