The government has agreed a deal with housebuilders Barratt and Lloyds Banking Group to deliver several large-scale projects, including the creation of new garden villages and brownfield developments.
The venture will be known as the MADE Partnership, and it will be backed by £150m of funding, The Guardian reports.
The news has been welcomed by leaders in the housing sector, where a chronic housing shortage has been driving up prices in both the rental and buying market. This locks potential first time buyers out of the housing ladder, and makes it harder for people to live near their place of work.
For example, according to Rightmove, the average house price you will find listed in an estate agents in Hackney, London is currently £707,105. While this is down by two per cent on last year, it’s out of reach for many first time buyers on an average salary.
The government’s housing and regeneration body, Homes England, said the partnership would “ have the finance, tools, expertise and partners required to ensure a cohesive approach to delivering a fabulous place that people want to live and work”.
The housing and planning minister, Matthew Pennycook, said: “A failure to ensure the development system is working properly has held back the delivery of tens of thousands of new homes over recent years and this government will work in partnership with all those who are focused on turning things around.
“The landmark new partnership announced today will support our commitment to ramp up housing supply and boost economic growth by developing more large-scale, attractive and sustainable places across the country with the homes, jobs and infrastructure that communities need to thrive.”
The new partnership will help the government to meet its pledge to deliver 1.5m new homes over the next five years.
