Housing Minister Kris Hopkins announced on the 29th April that the Government will be releasing £525 million of funding as part of the Government’s long term economic plan to accelerate the construction of small scale developments.
The Builders Finance Fund’s main objective is to address the difficulties faced by some small house builders in accessing development finance. The funding is being made available on the basis it is recoverable and will make investments over two years from 2015 – 2017.
Housing Minister Kris Hopkins said:
“This government has got Britain building again, and created thousands of jobs in the construction sector. But it has been harder for smaller schemes to come back from the crash of 2008 and, as part of our long-term economic plan, we want them to have a bigger role in building homes for the housing market.” “…Developers can start preparing their bids for a share of £525 million to accelerate development on shovel-ready schemes of 15 to 250 homes. This funding will get workers back on site, support 15,000 jobs across the construction industry, and build thousands of new homes for communities up and down the country.”
The Builders Finance Fund is not about changing planning policy to increase the number of homes built in the United Kingdom, but ensuring the small scale residential housing schemes that have been granted planning permission by Local Authorities, for both private and affordable housing, are built. Although this in itself will not resolve the housing shortage we face, it is a step in the right direction.
If you are a developer and would like to read further about the Builders Finance Fund please Click Here.
If you are a developer looking for land or if you think you have land which may be suitable for development please contact me and I will be happy to advise you.
Katherine Gray LL.B (Hons) LPC, Land Manager
01252 762007 email@example.com