Regional Infrastructure Fund announced at Mipim to support housing development with roads, utilities and schools

An £80m fund to pay for infrastructure needed to support new housing development has been set up by the government's economic development agency in the South-west of England.

The money will be used to forward-fund infrastructure such as roads, utilities or schools needed to support housing growth, ensuring it is in place before the homes get built. The aim is that the up-front public spend will be recouped later in the process from contributions by housing developers, enabling the £80m to be continually recycled.

The South West of England Regional Development Agency claims the Regional Infrastructure Fund is the first of its kind in the UK, and will "revolutionise" regeneration in the region.

Swerda has had the fund in planning for two years but formally launched it at this week's Mipim property fair in Cannes, France.