Incomplete New Homes Developments Get Funding
Online, March 21, 2012 (Newswire.com) - Incomplete building projects that have been started but not finished because of lack of funding will be able to get a cash boost as part of a multi-million pound funding initiative named `Get Britain Building'.
The new funding pot was announced by the Housing Minister, Grant Shapps, as David Cameron announced a further £150 million to the Get Britain Building fund which will make the funds available for developers at £570 million. The funding works by providing building finance to developers with the funding being recovered through long term investments.
It is hoped that the funding initiative will provide a further 16,000 new homes and tens of thousands of new jobs in the construction sector. The funding is available to commercially sound building sites that have already been granted planning permission for new houses and flats but have not been able to proceed because the lack of investment. Some developments sites have already been agreed funding to enable 1300 new homes to be built utilising £45 million of the investment.
Funding bids have already been submitted by developers, building organisations and housing associations, and a shortlist of approximately 400 has been narrowed down by the Homes and Communities Agency. Funding bids include plans for new homes in Bristol, new developments in Cambridgeshire, new homes in Birmingham and new homes in Lincolnshire.
This latest initiative is part of the Government's strategy to deliver nearly 200,000 new homes over four years and to ease the problems with people trying to find a property to rent or buy that is affordable. The NewBuy scheme was also launched last week to enable the availability of 90-95% mortgages to buyers of new homes underwritten by the Government. The NewBuy scheme operates alongside the shared equity loan scheme, shared ownership scheme and the intermediary rental scheme that the Government have also launched to help buyers get onto the property ladder.
Notes to Editors:
What House? is a leading property website that features thousands of new homes in Scotland and new houses in Kent as well as across the UK. It also provides the latest property news, valuation of homes and property and mortgage advice. Over the last 30 years, What House? has held their annual What House? Awards, which are the longest established New Homes awards in the UK recognising UK house builders and developers across 21 categories.
