The government has today announced that it will spend £1.7bn on infrastructure on and around public land in England between now and 2021, in order to speed up housebuilding.
According to Inside Housing:
“The funding will form part of the £23bn National Productivity Investment Fund, announced in theAutumn Statement, which is due to oversee investments including £2.3bn for the infrastructure needed to bring forward 100,000 homes in areas of most need.
The £1.7bn for public land infrastructure was trailed last month when the government said it would invest “up to £2bn” to use public land to encourage new developers to build at a faster rate than traditional house builders.
Builders will be encouraged through these funding pots to use more modern building techniques in the hope of delivering homes more quickly.
The Autumn Statement said that the distribution of the funds would be calculated through the traditional “Barnett formula” approach to devolution across the UK’s regions.”