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Daily Newsletter

10 October 2023

Daily Newsletter

10 October 2023

UK government grants £60m to build 6,000 new homes

The funding follows the success of the government's previous housing investment scheme.

October 10 2023

The UK government has released £60m ($73.64m) in funding to develop more than 6,000 new homes on unused brownfield sites across the country.

The UK Department for Levelling Up, Housing and Communities will allocate the grant to local councils to transform unused brownfield sites into usable communities.

The councils that will receive this funding include Hull, Somerset, Newcastle and Sunderland.

Newcastle will receive £1.82m to assist its regional redevelopment by transferring a complex site for the construction of 146 build-to-rent houses for the Benwell and Scotswood areas.

Hull will receive £980,000 to build 99 new affordable for-rent houses on the site of a former school as part of the city centre's transformation. 

Sunderland Council will receive £1.8m to transform a former riverfront industrial site unused for more than two decades into 140 low-carbon build-to-rent properties at Farringdon Row.

Some of these regeneration projects are set to create thousands of jobs.

This funding is part of the second phase of the government's £180m Brownfield Land Release Fund. It will help to restore abandoned car parks, industrial sites and buildings in town centres.

UK Housing and Planning Minister Rachel Maclean stated: “We know we need to build more homes, but this cannot come at the expense of concreting over our precious countryside.

“That is why we are doing all we can to make sure we’re making use of wasteland and unused brownfield land, so we can turn these eyesores into beautiful and thriving communities.

“This is all part of our long-term plan for housing - making sure we deliver the homes we need across the country.”

This project follows the success of the first phase of the Brownfield Land Release Fund 2, which enabled the land release of more than 2,400 houses.

North America Construction market dynamics

Per GlobalData estimates, the North America construction market size is expected to reach $1,772.5 billion in 2023. The increased spending from the public and private sectors in the regional energy and infrastructure domain is projected to aid the market growth. The energy and utilities construction sector is expected to depict a AAGR of 8.7% in real terms from 2024 to 2027, supported by investments in regional renewable energy and oil and gas projects.

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