The £500m market renewal pot, set up last year to fund nine market renewal pathfinders in the North and Midlands, may have to be extended today.
The lion's share of it has already been spent and the ODPM has now admitted that its total allocations will amount to more.

Deputy prime minister John Prescott is to announce allocations for three more pathfinders today.

East Lancashire, South Yorkshire and Oldham Rochdale will hear whether their bids, believed to total about £210m, have been successful.

So far, £312m has been paid out: £280m to the first three pathfinders – Manchester Salford, Merseyside and Newcastle Gateshead – and £32m in "early wins" funding to all of the pathfinders except Hull.

That leaves just £188m to meet the needs of today's three and the final three, whose allocations will be announced in the spring.

Sources have indicated that South Yorkshire can expect £70m – about £10m less than its initial bid.

There was disappointment for the Newcastle Gateshead pathfinder earlier this year, when it was given £25m less than its £94m bid (HT 6 February, page 8).

The £500m pot was set up to fund the first three years of the market renewal initiative.

It is hoped that funding for later years will be announced in July's spending review.

  • The Oldham Rochdale pathfinder has appointed architect Shillam and Smith to develop a masterplan for the area's regeneration.

    • Source

    Housing Today