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The Government has unveiled a fresh infrastructure spending package of £142 million, which will go towards the construction of infrastructure, allowing them to build up to 8,500 new homes, according to a recent press release from housing minister Kit Malthouse MP.

The new infrastructure spending is part of the Government’s broader plan to ensure the construction of 300,000 homes per year by the mid-2020s, as unveiled in Chancellor Philip Hammond’s spring statement earlier this year.

Funding is to be sourced from the Government’s £5.5 billion Housing Infrastructure Fund, meaning land in two designated areas, in Surrey and Cornwall, is now ready for development.

National Landlord Investment Show – MPU

Boost for Woking and Truro

Government infrastructure proposals will see £95 million of investments spent in Woking, Surrey. The Government expects to be able to build 4,500 homes in the town, by widening local bridges and improving transport networks.

Truro, Cornwall is also expected to benefit from Government proposals, with a £47 million investment on new road links. The Government anticipates that this will allow the construction of 4,000 new homes.

The investments in both Woking and Truro aim to relieve congestion and ensure that there is improved connectivity between vital employment hubs.

Brick by brick

Housing minister Kit Malthouse MP explained: “For decades, governments of all stripes and types have not built enough homes but we are turning that around, brick by brick…This £142 million investment will mean we can build more of the properties our country so badly needs.”

Mr Malthouse concluded: “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.”

New build completions totalled 165,090 in England alone in the 2018 calendar year, which marked an increase of 1 per cent on the previous year, according to the Government’s latest figures on housebuilding, released back in March.

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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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