Network Rail to form property company to build 40,000 homes

Network Rail will form a property company as part of a drive to free up unused public land. The plan is designed to help the government deliver its manifesto pledge to build 1.5m homes over this parliament.

Network Rail and the Ministry of Defence will help the sale of surplus government land for housebuilding. This includes 40,000 new homes predicted over the next decade.

Taskforce

The Treasury confirmed that a new cross-government taskforce will be set up to release surplus public land for housing.

Network Rail will set up a new property company to unlock land for housing. In addition, unused Ministry of Defence sites will be earmarked for armed forces families housing.

Public and private investment will be sought to develop brownfield sites.

Identified

Defence Secretary John Healey identified the long-term opportunity to build over 100,000 homes on surplus defence land. He said: “This work will unlock thousands of new homes on surplus defence land, including in North Yorkshire, Nottingham and Cambridgeshire.

“This heralds a new, trailblazer approach to the use of public land which will not be a fire sale of public assets, but a truly cross-government effort to remove blockers, deliver homes and boost growth in support of our Plan for Change.

“This taskforce is a bold first step, as we make the most of an historic opportunity to build over 100,000 homes on surplus defence land in the coming years, delivering on our commitments to British families and our Armed Forces.”

Making use of a “huge untapped resource”

Speaking after Wednesday’s spring statement, chancellor Rachel Reeves said that surplus government land was “a huge untapped resource that could create opportunities for the next generation of homeowners”.

“The OBR (Office for Budget Responsibility) has confirmed our planning reforms will result in housebuilding being at its highest in 40 years – that won’t just bring jobs and economic growth – but also will give families the homes that they deserve, delivering on our plan for change.”

Surplus MOD sites will pioneer the scheme, with the department to work in partnership with Homes England. Land at Chetwynd Barracks in Nottinghamshire and Wyton Airfield in Cambridgeshire will be utilised for over 1,300 new properties.

Deverell Barracks, near Ripon, North Yorkshire, will also be released to expedite the delivery of another 1,300 homes. Work is expected to start within 12 months.

Chancellor Rachel Reeves said that surplus government land was “a huge untapped resource that could create opportunities for the next generation of homeowners”.

“The OBR (Office for Budget Responsibility) has confirmed our planning reforms will result in housebuilding being at its highest in 40 years – that won’t just bring jobs and economic growth – but also will give families the homes that they deserve, delivering on our plan for change.”