Last Autumn Chancellor Philip Hammond announced that by the mid 2020s, an extra 300,000 homes would be built annually to try and tackle the housing crisis this would need an investment of at least £44 billion over the next 5 years.
In released Spring Statement 2018 has there was no new major announcements but offers a few more initiatives.
The Spring Statement outlined new investments plans:
- An investment of £1.67 billion to build 22,000 new homes by 2021/22 in London to tackle the housing crisis.
- 215,000 new homes to be built by 2031 in the West Midlands facilitated by a £100 million grant from the land remediation fund.
- Additionally, the House Growth Partnership was doubled to £220 million in order to support the smaller household builders.
The government highlighted some infrastructure development projects including:
• Manor Cluster in Sheffield, where £3.6 million of funding for drainage works, new roads and footpaths will help unlock more than 400 homes by 2025.
• Ashton Green in Leicester, where 3,300 homes are in the pipeline following a £10 million investment for new roads.
• Botley in Hampshire, where 1,000 properties will now be constructed due to a by-pass.
• Ilfracombe Southern Extension in Devon where 750 new homes can be unlocked thanks to £6.5 million funding for a new primary school.