HOUSING INFRASTRUCTURE FUND

Rating: The SRO Delivery Confidence Assessment (DCA) rating at 25/26 Q4 remained at Amber. The rating reflects the delivery broadly in line with expectations alongside ongoing complexity in the final stages of the programme. Homes England and MHCLG have proactively managed risk across the largest and most complex Forward Fund projects, where the majority of remaining activity is concentrated. While delivery remains stable, external market, economic and environmental factors continue to impact progress at project level and require active mitigation. The programme has responded to assurance findings, implementing NISTA recommendations including revisions to delegated authority limits to streamline decision-making and further development of the risk and controls framework to reflect programme maturity. With the National Housing Delivery Fund now approved and launched, HIF will transition into a unified governance structure, strengthening oversight and ensuring consistent management of delivery, risk, cost and performance across legacy and successor activity.

Schedule: There has been no change to the schedule for the programme.

Cost: The WLC has decreased by £131m, reflecting a number of material amendments across the programme and adjustments for inflation in real terms. These include project withdrawals and changes to delivery scope and timing, with some costs being deferred into later years as schemes progress. The incorporation of HIF headroom into the NHDF portfolio has also contributed to changes in future expenditure projections.

Source: NISTA Major Projects Annual Report 2025-26 (data)

Rating: Compared to financial year 23/24-Q4, the Infrastructure Project Authority's Delivery Confidence Assessment rating at 24/25-Q4 remained at AMBER. This is primarily due to the following factors: Spend has continued to accelerate and delivery is on a sound footing. Market and economic conditions and other factors, including environmental, do however continue to impact delivery of individual projects, and these are being managed carefully. To maintain delivery confidence, we are closely monitoring programme headroom, to avoid a programme-level under- or over-spend and unnecessary loss of unlocked housing. We are also implementing recommendations from HIF’s most recent NISTA annual review, including further streamlining decision-making processes and updating our forecasting model to more accurately reflect the maturity of the programme.

Schedule: Compared to financial year 23/24-Q4, the project's end-date at 24/25-Q4 remained at 31/03/2028. This is primarily due to the following factors: The HIF programme spend deadline remains 31/03/28, as agreed in the revised business case in 2023.

Cost: Compared to financial year 23/24-Q4, the project's departmentally agreed Whole Life Cost at 24/25-Q4 (measured in £m) increased from 4257 to 4263.7. This is primarily due to the following factors: Since the 2023 business case reset, there has been a slight increase in total forecast RDEL and CDEL spend, including an adjustment in legal and evaluation costs.

Source: NISTA Annual Report 2024-25 (data)

Rating: Compared to financial year 22/23-Q4, the Infrastructure Project Authority's Delivery Confidence Assessment rating at 23/24-Q4 decreased from Red to Amber. This is primarily due to the following factors. As at March 24: We continue to assess the delivery confidence of the programme as amber._x000D_ _x000D_ To maintain delivery confidence, the programme continues to embed new processes developed through the business case reset, along with implementing IPA recommendations.

Schedule: Compared to financial year 22/23-Q4, the project's end-date at 23/24-Q4 remained schedule to finish on 2028-03-31. This is primarily due to the following factors. As at March 24: The project's end-date is March 2028. This is an extension from March 2026 as agreed in a revised business case in 2023.

Cost: Compared to financial year 22/23-Q4, the project's departmental-agree Whole Life Cost at 23/24-Q4 decreased from 4334m. to 4257m. This is primarily due to the following factors. Whole life cost decreased from 4334m to 4257m due to a re-baseline in 2023.

Source: IPA Annual Report 2023-24 (data)