Treasury also announces taskforce to unlock unused public land

Network Rail will form a new property company in partnership with government-owned developer London & Continental Railways (LCR) with plans to build 40,000 homes, the Treasury has confirmed.

The as yet unnamed company, which has been in the works since 2023 when the plans were first revealed by Network Rail, is set to launch later this year.

network rail

Network Rail鈥檚 new property company will launch later this year

The Treasury has announced four sites which are already in the pipeline, including a 100-acre regeneration site at Newcastle Forth Yards which could see the delivery of 5,000 homes.

A further 1,500 homes are planned for Manchester Mayfield, with a 450-home mixed-use scheme in Cambridge and a 200-home scheme in Nottingham also being worked up.

>> See also: 鈥楾his is a growth story鈥欌�� How Network Rail plans to become one of the UK鈥檚 biggest housebuilders

A new taskforce has also been launched to speed up the delivery of homes on unused public land, including land owned by the Ministry of Defence (MoD) which the Defence secretary said has potential for more than 100,000 homes.

The cross-government body will identify available sites to be developed 鈥渁s quickly as possible by removing barriers that have prevented houses coming forward at pace on vacant public land for too long,鈥� the Treasury said.

Chancellor Rachel Reeves said: 鈥淔or too long, surplus government-owned sites have gone underused, but they are a huge untapped resource that could create opportunities for the next generation of homeowners. 

鈥淚n contrast to the failed approach of the past, we are making the best use of public land to build the homes that families and our Armed Forces need, improving opportunities for homeownership and creating jobs across the country.鈥�

Other schemes announced include Deverell Barracks, an MoD site in Ripon which will be transferred to Homes England with plans to start construction on1,300 homes within the next 12 months.

Another 1,300 homes would be built at the MoD鈥檚 Chetwynd Barracks in Chilwell, while thousands of homes could be built at Wyton airfield in Cambridgeshire in the coming years, according to the Treasury.

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