New public money focussing on unlocking brownfield land to pave the way for up to 116,000 new homes has been announced by the Government.
The £624 million funding is available to all housebuilders, particularly SMEs, to help them pay for key infrastructure such as public transport and new schools (above), as well as land remediation.
Housing minister Christopher Pincher said: “This money will build on our commitment to bring derelict and abandoned sites back to life, regenerating towns and cities as we level up across the country.”
Redeveloping underused land for new homes and improving public services is a key part of the government’s mission to level up and create communities where people want to live and work.
Peter Denton, Homes England’s Chief Executive, said: “This new infrastructure funding will be a powerful catalyst for creating new homes, places and communities.”
Denton said the resources would enable the Government to back developments such as the regeneration of Rugby’s radio station site where 6,200 homes are to be built. £35 million of public funding is going towards paying for a new primary and secondary school, plus a link to the town centre.
The National Federation of Builders, said that although the loans were of some help, the government still needed to improve the system.
Brokers Hank Zarihs Associates said development finance lenders could offer smaller housebuilders competitive rates on construction loans for developing brownfield land on well-located sites.
This funding is part of the £2.2 billion loan financing made available in the spending review.