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As many as 3,000 new homes are to be built in Nottinghamshire, the UK Government has as announced in a recent press release.

The non-departmental public body Homes England has signed a deal ensuring that these new homes will be constructed in Rushcliffe, Nottinghamshire. This is said to ensure greater access to new housing for the local population.

This announcement stems from the Government’s stated aim of ensuring the construction of 300,000 new homes a year by the mid-2020s, as laid out in Chancellor of the Exchequer Philip Hammond’s Spring Statement earlier this year.

MT Finance – MPU

Housebuilding declined between the late-1960s and the early-2010s, but the latest government data suggests activity has been rising in recent years, with as many as 165,090 completions in the last quarter of 2018.

Boost to housing supply

The construction of 3,000 new homes in Nottinghamshire is expected to take place in cooperation with local land owners, construction group CW Clowes (CWC Group) as well as the Rushcliffe Borough Council.

It has also been announced that 250 acres of land has been acquired from a 605 acre site known as Fairham –land previously secured through the Government’s Land Assembly Fund, which is estimated to be worth £1.3 billion.

As well as increasing housing supply for the local population, the Government stressed the potential for the project to contribute to social issues.

Minister for Housing Kit Malthouse commented: “It is also about building a community, with new space and commerce – as we create a place the people of Nottinghamshire can be proud of.”

Part of greater plans

The Fairham project is estimated to have a gross development value of £825 million according to the Government’s press release. It is also part of a wider plan for greater redevelopment in the Nottinghamshire area.

Dave Mitchell, executive manager for communities at Rushchliffe Borough Council explained: “Rushcliffe has been working hard to deliver its local plan which commits to building 13,150 new homes by 2028.”

Robert Hepwood, land and planning director at CWC Group, added: “With this new investment from Homes England, we can move forward more quickly with infrastructure and preparatory work across the site, readying Fairham for its first homes and commercial buildings in 2020.”

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Peter Adams
Peter reports for Property Notify about how political developments have a direct impact on the UK housing market. He does this, through his reporting on topics such as Brexit, government policy and the various political arguments that surround housing.

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