An MP has penned a scathing letter calling for government intervention on a “reckless” housing project.

Paul Holmes, MP for Hamble Valley, wrote a letter to Deputy Prime Minister Angela Rayner earlier this week.

It follows the revelation that the budget for One Horton Heath has ballooned to more than £500 million.

Mr Holmes, who previously represented Eastleigh, said he has serious concerns about the council’s management of the eight-year scheme.

“It has seen spiralling costs, questionable financial governance, and a consistent lack of transparency since its inception”, he said.

“Considering the out-of-control debt levels which the Council has recorded, which I know your department is aware of and have been monitoring, I believe that these issues merit immediate ministerial scrutiny.”

The ambitious development was given the green light in 2017 and is set to deliver 2,500 homes and a school in Fair Oak.

The budget at that time was £142m and it now stands at more than £500m despite no houses being built.

READ MORE: Costs spiral as millions added to housing scheme blasted a ‘vanity project’

As previously reported by the Echo, the latest report on the scheme said it needs to move faster as the increased borrowing costs and slow income will make the business plan “unviable”.

Concerns over efficiency and spending were also raised by report author Sarah King, deputy chief executive of the council.

In his letter to Angela Rayner, Mr Holmes said: “The council is due to consider a further £18.3m budget increase next week, despite the fact that not a single home has yet been completed.

“The return on investment now appears negligible, with just £194,000 in annual rental income projected by 2028 - an appalling 0.04 per cent return on half a billion pounds of public expenditure.

“The previous best value notice, which was withdrawn, by this government requested a reduction in debt, so this is a blatant breach of that advice.”

He then urged Ms Rayner commission an independent investigation into the financial and operational management of the One Horton Heath project and look at “why the council is breaching the terms of the best value notice.”

He added: “Consider intervening to halt further borrowing or expenditure on this project until fundamental questions about deliverability, financial return, and public accountability have been resolved.”