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Major funding boost for new homes

The Homes and Communities Agency (HCA) has unveiled a considerable new funding package that will help to deliver thousands of new homes across the country in the coming years.

A total of 69 different housing associations and organisations are to receive a share of a new £220 million cash pot aimed at promoting an increase in the delivery of residential properties between March 2015 and 2017.

It will focus on locations outside of the capital, with 14,000 new residential buildings to be delivered in a bid to help tackle the ongoing housing crisis that is being witnessed in many areas of the UK.

Furthermore, 2,000 of the new homes will be made available via inexpensive purchasing schemes.

The money is to be distributed as part of the government's Affordable Housing Guarantees, which itself will support up to £3.5 billion of debt guarantees to cover the costs of new property construction.

Chief executive of the HCA Andy Rose said: "This allocation announcement sees an additional 14,000 homes set to be built with the grant funding announced alongside the government's commitment to guarantee up to £10 billion of housing debt. 

"We have made allocations based on local priorities, deliverability and value for money and I am pleased that many more communities will benefit from new affordable homes as a result."

He added the HCA remains on track to deliver its contribution towards far-reaching government targets for the creation of new residential properties up and down the country by 2015.

Meanwhile, housing minister Mark Prisk noted the first wave of allocations under the scheme will be a major boost to UK housing figures, while the money will also enable developers across the country to "hit the ground running" and deliver the many new homes that the country requires.

As well as this investment in the rest of the UK, a separate tranche of funding has been provided for new residential accommodation in the capital, with the Greater London Authority receiving £137 million. 

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