Chancellor Philip Hammond has pledged £717m for 37,000 new homes, as part of measures to boost housing in the Spring Statement.
More than half of the funding pot (£445m) is earmarked for more than 22,036 homes in the ’Oxford-Cambridge Arc’, following a joint declaration agreed between councils, Cambridge & Peterborough CA and local enterprise partnerships.
The arc area between the two cities, which is known as the ’brain belt’, incorporates Oxfordshire, Buckinghamshire, Bedfordshire, Northamptonshire and Cambridgeshire. It is described in the declaration as an “area of significant economic potential”, with a productivity rate 2.55% higher than the UK average.
Other homes will be built at sites including Old Oak Common in West London, Cheshire and Didcot.
The government has declared an ambition for up to a million new homes to be built across the Arc by 2050.