This SPP, the seventh between Homes England and combined authorities in England, will formalise ongoing housing efforts in the region.

Homes England is already “master developer” for the Northstowe development in Cambridgeshire which will feature 10,000 homes when completed.

Over the next eight weeks Homes England will invest over £100,000 alongside existing government funding to accelerate plans to develop Peterborough Station Quarter.

The government has also committed to funding the Waterbeach New Town Development, which could deliver up to 11,000 homes, with £23m to relocate a railway station in the way of 4,500 homes.

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This is in addition to an existing £61m loan at the former Waterbeach Barracks and airfield site, led by Urban&Civic, which could deliver 6,500 homes on completion.

“This SPP marks the Agency’s commitment to working with the Cambridgeshire and Peterborough Combined Authority, to help realise the aspirations set out in the Shared Ambition for Cambridgeshire and Peterborough 2050,” said Eamonn Boylan, CEO at Homes England.

“We already have a strong track record of delivering transformative projects across the region and through this new partnership we will build on our existing relationships and achieve even more for the local community.”

Dr Nik Johnson, Mayor of Cambridgeshire and Peterborough Combined Authority, added: “We’re committing, with Homes England, to work smarter, together, to help accelerate the building of the new, good quality, energy efficient homes we need, in places that have the capacity for growth.”