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Major investment in homes announced by DCLG

The Department for Communities and Local Government (DCLG) has announced the unlocking of funds for the delivery of thousands of new homes across the UK over the coming years.

A budget of £474 million has been set aside to boost construction efforts for new residential property at 14 sites up and down the country, with plans for the delivery of 38,000 new homes.

The initiative will target developments of 1,500 properties or more and as such, it hopes to deliver a considerable boost to housing in areas where buyers are currently struggle to purchase new homes.

Housing minister Mark Prisk said: "This government is determined to get Britain building again. That's why we are working with local housing schemes that have their plans in place, but need help to move forward.

"Our support through the Local Infrastructure Fund will help deliver the homes this country needs, create thousands of jobs and inject millions of pounds of investment into local economies."

The investment will build on the government's recent deal to unlock a further 42,000 homes in the UK, with large sites at Sherford near Plymouth, Cranbrook near Exeter, Fairfield near Milton Keynes and Wokingham all targeted.

As part of the due diligence process, this latest large-scale investment in UK housing will now proceed to competitive clarification, with plans to have spades in the ground and building work underway in the coming months.

The news follows recent calls from shadow chancellor Ed Balls for the coalition government to forego its austerity plans for the time being in order to funnel £10 billion of investment into the delivery of new homes across the country.

The Labour MP stated this cash could be used to deliver upwards of 400,000 homes, as well as providing up to 600,000 new construction jobs, with 10,000 new apprentice places helping to safeguard the future of the UK building sector. 

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