Rishi Sunak recently announced that the Government would finally utilise Britain’s brownfield, investing £1.8 billion to deliver 160,000 new homes. Sirius Property Finance’s latest research reveals just how insignificant this investment is based on the actual level of brownfield land available.
The Ministry of Housing, Communities and Local Government estimates that there is some 36,700 hectares of brownfield land across England alone, over 51 million square metres.
With the average home requiring a plot of 275 square metres, that’s enough to deliver more than 1.3 million new homes, more than eight times the volume promised by the Government.
Sirius Property Finance also looked a the market value of these new homes based on current new-build house prices in each region.
Across England as a whole, the 1.3 million potential homes that could be built on brownfield land would total a staggering £487 billion worth of property.