The investment will be spread across Woking in Surrey and Truro in Cornwall, with the money being spent on widening bridges, building roads and connecting utilities.
The £95m investment in Surrey will unlock land to build up to 4,500 homes, while in Truro £47m will be invested into new road links to allow an extra 4,000 homes to be built.
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The finance — which comes from the government’s £5.5bn housing infrastructure fund — is part of the government’s plan to increase the number of new homes being built.
“For decades, governments of all stripes and types have not built enough new homes, but we are turning that around, brick by brick,” said Kit Malthouse MP, housing minister.
“We are driving to create homes, opportunities and thriving communities — and this £142m investment will mean we can build more of the properties our country so badly needs.
“We need to keep upping our game and build more, better, faster, if we are to meet our ambition to deliver 300,000 homes a year by the mid-2020s.”