The Government has recently announced a £350 million investment boost to new home building in the West Midlands region of the UK. The investment will be used to help build 215,000 houses across a number of developments in the region. The announcement was made by Chancellor Phillip Hammond in his recent 2018 Spring Statement.
The full investment amount of £350 million is made up of a £250 million grant intended to develop Brownsite areas in the West Midlands, notably former industrial sites in the Black Country. This will include the rail corridor between Walsall and Wolverhampton. A further £100 million will come from a government Land Remediation Grant. All 215,000 homes are expected to be completed by 2030 or 2031. Chancellor Philip Hammond stated that he was planning to back the most ambitious councils and regions, especially those looking to create housing above the current local need. The Mayor of West Midlands, Andy Street, has expressed his delight at the announcement.
Perry Barr Regeneration
£143 million of the money will be put toward the regeneration of the Perry Barr area in suburban Birmingham, which will be hosting the 2022 Commonwealth Games. This includes the Athletes Village, which will provide social housing after the games and will contain 1,000 homes. Work is imminent for this project, which begins with the demolition of the old Birmingham City University later this year.
Boosting the economy
In addition to providing much-needed housing, including social housing and affordable housing, the developments will also boost the local economy with jobs and contracts. Land remediation will be a key aspect of the development of brownfield sites, which will provide contracts for land remediation services such as http://www.ashremediation.co.uk/.
Investment in home building is an important way that the government can boost the economy. The West Midlands has been a key region for economic growth in the UK, despite the economic slowdown of Brexit. As a result, new housing is in big demand in the region. This £350 million investment boost from the Conservative Government will not only create 215,000 much-needed houses, but also many social housing and affordable housing options in the West Midlands. It will also create an economic boost thanks to more vacancies in construction and land remediation.
