What is the Towns Deal and Where Will Benefit from it?

Local Government secretary, Robert Jenrick MP, has revealed a new ‘Town Deal’ which will see 100 places invited to develop proposals as part of a £3.6bn fund.

An alleyway between red brick buildings

Where has made the list, and what does this mean for the areas that are successful? We reveal all.

What is the Towns Fund?

In a bid to decentralise funding and take decisions away from Whitehall, the UK government is creating a £3.6billion Towns Fund.

Designed to support English towns to build prosperous futures, this initiative will be used to develop innovative regeneration plans and boost productivity, skills and living standards.

The funds are aimed at towns with proud industrial and economic heritages, but have not always typically benefitted from economic growth like more prosperous areas.

“We want to level-up our great towns, raising living standards and ensuring they can thrive with transformative investment in transport, technology, skills and culture,” said Robert Jenrick MP.

“I will now work with local people from the 100 communities […] to agree proposals to invest up to £25m in each place.”

Minister for the Northern Powerhouse and Local Growth, Rt Hon Jake Berry, added:

“The best answers for local people will come from local people, that’s why we have listened to people living in these towns and will support them with a mega £3.6 billion fund to drive jobs and economic growth.”

Better transport links, quicker broadband, stronger local economies – we’ve announced the first 100 areas to benefit from the new £3.6bn Towns Fund #MyTown pic.twitter.com/BzH1DzgYCr

— Ministry of Housing, Communities and Local Govt (@mhclg) September 14, 2019

Where is Eligible to Apply for the £3.6bn Towns Fund?

The 100 places invited to develop proposals were announced on September 6th 2019, with 45 places across the Northern Powerhouse and 30 places in the Midlands Engine. See the full list here.

The chosen areas will be revealed in due course.

What Does This Mean for You?

If your area is chosen, then this could mean great news for property investors, developers and trades alike. Not only will this provide funding for development, jobs, and better amenities for those living in the town, but regeneration could see areas become more desirable and push up property prices as a whole.

If you would like to invest in a property or start a development in one of the 100 named towns and require bridging loans and finance, we can help. Get in touch today to see what we can do for you.

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