Bridging Loans News:- More than £250m is to be spent on infrastructure to enable 20,000 new homes to be built nationwide, the government has announced.

Chancellor, Sajid Javid, said six major projects had won funding to invest in roads, rapid bus transport and schools across the country.

“This step-change in funding will ensure that all parts of the country benefit as we level-up opportunities.”

He added: “The government is committed to levelling-up communities across the country so that all areas benefit from investment and growth.”

Oxfordshire county council is to get £102m to fund its rapid bus transport hubs and park and ride initiatives enabling it to build 5,050 new homes.

Kent county council was successful in its bid for £38.1m to improve two congested junctions on the A249 leading into Sittingbourne which will unlock sites north-west of the town to build 7,899 homes.

Rutland county council won £29.4m to re-develop St George’s barracks at North Luffenhaum to build 2,245 new homes.

Surrey county council has gained £52.3m to relocate Thames Water’s sewage treatment works so more than 1,500 homes can be built on the 41-acre site.

The east of Ipswich strategic highway works has got £19.8m to deliver road infrastructure leading to the creation of 2000 new homes. Melton Mowbray’s southern distributor road is to get £14.7m with the aim of constructing 2,340 homes.

Infrastructure paves the way for new developments

Bridging Loans by HZA

Brokers Hank Zarihs Associates said development finance lenders would be keen to offer property construction loans for sites where infrastructure hurdles had been overcome and there was a housing need.

Hank Zarihs Associates | Infrastructure blitz to unlock sites for thousands of new homes

The government said it was on track to reach an average of 300,000 new homes a year by the mid-2020s. Over 222,000 additional homes were delivered in 2017-18 – the highest level in all but one of the last 31 years.

Other major investments include £75m to continue to develop plans for a northern powerhouse rail with the Leeds-Manchester route as the first phase. The government has also committed £28.8bn for a national roads fund to ensure high maintenance standards.

The housing infrastructure fund was launched in July 2017, when  Mr Javid was housing secretary, to invest £2.3 bn to unlock key sites for up to 100,000 new homes. A further £2.7 bn was added to in the 2017 autumn budget taking total investment to £5 bn.

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