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Govt funds £1bn to revitalise the housing market

The Government has announced the regional distribution of more than £1 billion to revitalise the housing market in key areas and restore stable communities.

Up to £54 million a year will be made available to each of the twelve 'Pathfinder' areas over the next three years, under the housing market renewal programme.

Merseyside, East Lancashire, Manchester Salford, South Yorkshire and North Staffordshire are each set to receive more than £100 million over the three years. This will fund further progress towards restoring stable communities and re-connecting housing markets with their regions.

Housing minister Iain Wright said: "This substantial funding, together with increasing investment from the private sector and support from local authorities and others, will help the market renewal areas take forward their ambitious programmes to bring real change to places which only five years ago were facing decline and abandonment."

The Housing Market Renewal programme was established in 2002 to tackle problems of housing market failure, where prices had often collapsed and areas were facing widespread abandonment.

The £1.2 billion invested to date has helped fund the refurbishment of more than 40,000 houses, the demolition of around 10,000 properties, and the construction of 1,100 new homes.