September 19th, 2019. Ben Lloyd
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.
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.”
— 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.
Article By Ben Lloyd
September 19th, 2019
Ben is the Director and Co-Founder of the Pure Group and Managing Director of Pure Property Finance.
Following a career in Barclays, where Ben was in the real estate finance team for 8 years, he decided that the market needed a more forward-thinking type of commercial brokerage so founded Pure Commercial Finance (now Pure Property Finance), the first company within the Pure Group.
Ben has extensive experience across the real estate sector and has participated in over £2bn of real estate transactions during the course of his career.
Ben oversees the general strategy at Pure Group and works with the senior leadership team to drive the Group forward. Ben is also on the Executive Committee of FIBA.See more articles by Ben