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Government announces investment of £142 million to help hit 300,000 homes a year

Wednesday 12 June 2019

The money will be spent so that land can be made ready for development and will see up to an additional 8,500 properties being built.

The funding will help to widen bridges, build roads and connect utilities in which £95 million is going to Woking, Surrey and £47 million to Truro, Cornwall.

The Housing Minister, Kit Malthouse MP confirmed that thousands of homes will be built in growing communities under the £5.5 billion Housing Infrastructure Fund which is part of the Government’s drive to deliver 300,000 homes a year by the mid-2020s.

Housing Minister, Kit Malthouse MP said: “For decades, governments of all stripes and types have not built enough new homes but we are turning that around, brick by brick.

“We are driving to create homes, opportunities and thriving communities – and this £142 million investment will mean we can build more of the properties our country so badly needs.

“We need to keep upping our game and build more, better, faster, if we are to meet our ambition to deliver 300,000 homes a year by the mid-2020s.”

Woking

The Government will invest £95 million in Woking, Surrey, which will unlock land to build up to 4,500 homes in the town.

The money will pay to widen the Victoria Arch Bridge, to pay for road improvements, buying land and connecting utilities.

The project, which is being delivered by Surrey County Ccouncil, is expected to significantly reduce congestion in the area, as well as opening up land for housing.

Truro

An extra 4,000 homes will be built as a result of a £47 million investment in new road links in Truro, Cornwall.

The funding will be spent on a new northern access road, connecting sites from the A390 in the west to the Royal Cornwall Hospital and employment hub in the east.

Propertymark resources

NAEA Propertymark has long called for Government investment in order to supply houses to meet the demand with a growing population.

NAEA and ARLA Propertymark also believe that focus needs to be place on bringing unused, empty and sometimes derelict houses back on the market to take away some strain from house building targets and make use of existing stock. In May, we responded to both the Equality, Local Government and Communities Committee Inquiry into Empty Homes in Wales consultation and the Local Government and Communities Committee Inquiry on empty homes in Scotland consultation.