Investment Property News - Bueno Investments Limited

Housing Market To Get £1bn Boost

Plans to distribute more than £1bn of funding to revitalise the housing market in deprived areas are to be outlined by the Government.

The 12 pathfinder areas will each get up to £54m a year over the next three years to help improve local housing and encourage businesses into deprived areas.

The biggest beneficiary is Merseyside, which is set to receive an estimated £152m between now and 2010/2011. East Lancashire in Scotland will receive £150m during the period while Salford in Manchester is to get £140m.

South Yorkshire and North Staffordshire will both also receive more than £100m during the three years from the Housing Market Renewal programme, which was established in 2002 to tackle future housing market problems.

Housing minister Iain Wright said: "The Housing Market Renewal Programme has been vital for restoring confidence in some of the most disadvantaged areas of the country.

“This substantial funding, together with increasing investment from the private sector and support from local authorities and others, will help the market renewal areas take forward their ambitious programmes to bring real change to places which only five years ago were facing decline and abandonment."

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