The government has launched two new investment streams totalling almost £2bn to help developers and local authorities acquire and develop land for new homes.
The Land Assembly Fund and the Small Sites Fund, worth £1.3bn and £630m respectively, were both announced in the autumn Budget. According to the Budget report, the two funds will be financed via the Northern Powerhouse Investment Fund which itself had its budget boosted from £23bn to £31bn last year.
Housing and communities secretary James Brokenshire 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.”
A government spokesperson said in a statement that the Land Assembly Fund would make investment “less risky for developers” when acquiring land for development.
The Small Sites Fund will reportedly provide grant funding to expedite infrastructure delivery on “stalled small sites to provide the homes their communities need”.