Government introduces £50m of new investment over the next two years.

The Department of Levelling up (DLUHC) has made an announcement that outlines a comprehensive plan by the UK government to address the housing shortage in London, particularly focusing on regeneration projects, brownfield sites, and affordable housing initiatives. Here’s a breakdown of the key points:

Investment in London Estates Regeneration:
1. £50 million investment aimed at regenerating London estates with the support of local communities.
2. Additional funding of £1 billion from the Affordable Homes Programme to support the regeneration of old social housing estates, ensuring safe, decent, warm, and secure homes for residents.
Euston Regeneration:
1. £4 million allocated to explore maximum ambition housing delivery around Euston.
2. Establishment of a Euston Housing Delivery Group to assess housing opportunities, identify necessary infrastructure, and collaborate with relevant stakeholders for housing delivery.
Brownfield Sites Investment:
1. £125 million investment to unlock three major brownfield sites in East and South London.
2. Collaboration with private housebuilders to develop these sites, aiming to provide thousands of new homes, with 40% being genuinely affordable.
Newham and Southwark Regeneration:
1. £125 million loan funding supporting 8,000 homes in Newham and Southwark through major regeneration projects.
2. Focus on affordable housing, with 40% of the new homes being genuinely affordable for local residents.
3. Development of infrastructure including utilities, green landscaping, highways, bridges, and transport links.
Legislation to Support Housebuilding:
1. Government intends to remove barriers to Homes England’s ability to deliver in London through legislative measures when parliamentary time allows.

These initiatives reflect the government’s commitment to addressing the housing crisis in London through a multi-faceted approach, encompassing estate regeneration, brownfield development, affordable housing provision, and infrastructure investment. The aim is to create thriving communities with access to quality homes and essential amenities, while also fostering economic growth and innovation.