Croydon’s housing shortage could be eased by freeing up land and financially supporting smaller housebuilders after two funds were announced by the Chancellor of the Exchequer at the Conservative Party Conference, writes Tom Lickley.
The chancellor Philip Hammond has pledged to allocate £5 billion from the Treasury in two separate schemes in order to support the construction of new houses.
Mr Hammond and communities secretary Sajid Javid announced a fund of £2 billion to speed up the construction of new homes by building on public brownfield land, lower restrictions in the planning process and support alternative types of development, such as custom build and off-site construction.
The chancellor has also allocated £3 billion in loans to small house builders in a formal launch of the Home Building Fund, the brainchild of predecessor George Osborne. The fund will be less restrictive than previous iterations, both in terms of who can bid and the type of scheme which is eligible for a loan.
Mr Hammond said: “Making housing more affordable will be a vital part of building a country that works for everyone.”
Mr Javid also announced that the Government will publish a White Paper later this year which will include further policies on encouraging housebuilding.
Combined, the funds have the potential to provide 60,000 more homes by 2021, according to Treasury estimates.
The future of Croydon’s housebuilding will be debated at the Develop Croydon Conference 2016, taking place on Tuesday, November 22. Gavin Barwell, Minister of State for Housing and Planning, will be speaking at the event.