The funding, which will come from the Towns Fund, was revealed by Sajid Javid (pictured) as part of the Spending Review.
The Spending Review documents confirm that the Ministry of Housing, Communities and Local Government’s funding will be increased from £1.57bn to £1.64bn.
Javid ‒ a former housing minister ‒ also promised “continued support to increase home ownership” through the Help to Buy equity loan and other housing programmes, which will include providing Homes England with additional funding to “deliver more homes where people need them”.
Make housing part of the ‘infrastructure revolution’
During the speech, Javid promised an “infrastructure revolution”.
Brian Berry, chief executive of the Federation of Master Builders, said that housing must be seen as an integral part of any such programme.
He said: “The housing crisis is undermining the British economy. If we are to increase productivity and improve our competitive edge on the world stage, then building more new homes must form part of the Government’s campaign to upgrade our infrastructure.”
