Cliff Notes
- Network Rail will establish a new property company aimed at constructing 40,000 homes on its rail estate over the next decade to help meet the government’s housing targets.
- The Treasury launched a cross-government taskforce to release surplus public land, including Ministry of Defence sites, for housing, which is expected to facilitate the highest levels of house building in 40 years.
- Chancellor Rachel Reeves highlighted surplus government land as a crucial resource to improve homeownership opportunities while anticipating a £6.2 billion economic boost from planning reforms by 2029.
Network Rail to set up property company to deliver 40,000 homes
Network Rail will set up a new property company to build 40,000 homes on its rail estate over the next decade in a drive to meet the government’s housing target.
The Treasury on Thursday announced the launch of a new cross-government taskforce to release surplus public land for housing, with unused Ministry of Defence (MOD) sites also to be among the first to be released.
Announcing the plan, Chancellor Rachel Reeves said it would “unlock the next generation of homeowners”, as the government strives to deliver 1.5 million new homes by the end of this parliament.
It comes after the UK’s fiscal watchdog estimated efforts to unblock the planning system will result in the highest levels of house building in 40 years, adding around £6.2bn to the UK’s Economy by 2029.
Additional sources
- Network Rail to set up property company to deliver 40,000 homes – Sky News
- Network Rail to set up property company to deliver 40,000 homes – Yahoo News