The government has revealed that it will be investing £1.8 billion in brownfield land developments to provide housing to “improve communities in line with their priorities”.
During the Budget and Spending Review for Autumn 2021, Rishi Sunak, the Chancellor of the Exchequer, officially announced that these funds would be used to invest in 1,500 hectares of land and this will provide around £1 million worth of housing on this unused land.
The funds will be use for preparing sites for development and installing infrastructure to make the sites accessible and more attractive to live in. they are aiming to deliver around 160,000 new homes with this in mind.
£300 million of grant funding has also been released to local authorities to unlock and develop smaller brownfield housing sites.
In recent months, the UK has had a severe issue with a lack of homes on the property market. There are currently five times more buyers than houses on the market in Manchester and there does not appear to be much relief in the pipeline.
With more and more potential homeowners making the decision to rent in current times as a result, this investment and commitment is understood to be aimed at first-time buyers and property investors to buy, not try.
How helpful is this really?
The allocated funds do not appear to have impressed some of the property sector, however.
It has been claimed that the data provided by the government themselves proves that it is an underwhelming achievement from the funds and land available. According to some reports, there are around 36,000 hectares of brownfield land just in England capable of producing over £1.3 million homes.