On September 17, 2018 Communities Secretary Right Honourable James Brokenshire MP launched an initiative to encourage the investment needed to deal with problems on potential housing sites and get homes built in places where they are needed the most.
Problems like complex land ownership, infrastructure requirements, and land contamination can prevent homes from being built where they are needed most.
The government is now stepping in by providing two different government building funds- the Small Sites Fund and the Land Assembly Fund- for Homes England to launch. This measure is intended to free up the land needed to deliver 300,000 new homes annually by the mid-2020s.
The Land Assembly Fund, which is valued at £1.3 billion, will be used to obtain land that needs to be worked on and prepare it for the market, making developers more open to the idea of investing in it and building. Homes England will carry on this work outside of London.
The Small Sites Fund, which is valued at £630 million, is intended for local authorities or public landowners who are struggling to get building started in their area. The fund will provide money to speed up the process of getting the right infrastructure in place to enable housebuilding on small sites that have stalled.