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UK government promises £866M for new housing

The U.K. government has committed to investing £866 million in local housing projects to deliver up to 200,000 new homes.

The commitment is thanks to the first wave of funding from the £5.00 billion Housing Infrastructure Fund that aims to restore the country's housing market. The government seeks to build 300,000 homes per year by the mid-2020s, according to a release.

Housing Secretary Sajid Javid and Chancellor Philip Hammond said funding would go toward 133 council-led projects across the U.K., including work on roads, schools and bridges.