Government says funding will help deliver 116,000 new homes

Housebuilders can now bid for loan funding from a £624 million fund set up to deliver infrastructure and assemble land, the government has said.

The funding is part of £2.2bn announced in the spending review last year to support infrastructure. The loans, to be committed from 2021/22 to 2024/25 with terms of up to 20 years, form part of the £7.1bn National Home Building fund and will also be available to small builders.

Chris Pincher, housing minister, said: “Improving transport links, building schools and health facilities are key to unlocking new homes and creating vibrant places where communities can thrive.

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“This money will build on our commitment to bring derelict and abandoned sites back to life, regenerating towns and cities as we level up across the country.”

Homes England will administer the funding. The government also announced a further £1.8bn for housing on brownfield sites ahead of last week’s budget.

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