First wave of smaller sites set to get funding boost to build nearly 13,000 new homes
Work on nearly 13,000 homes stalled by the 2008 housing crash are set to be restarted thanks to half a billion of government investment.
Ministers published a shortlist of over 160 smaller housing developments across the country that could benefit from a share of the £525 million Builders Finance Fund, which will get workers back on sites and new homes built.
This funding will accelerate construction on the first wave of sites with potential to support nearly 13,000 new jobs.
Ministers said that with high demand for the fund, more developers will be invited to put forward their bids over the coming months as part of a rolling programme to unlock homes.
Communities Secretary Eric Pickles said:
Thanks to the Builders Finance Fund, work will get started on over 160 sites across the country that had been brought to a standstill by the 2008 housing crash.
This half-billion pound government investment will ensure we deliver up to nearly 13,000 new homes, and the same number of jobs, getting workers back on site and Britain building.
Chancellor George Osborne said:
I am pleased to see progress with the Builders Finance Fund which will help unlock thousands of stalled housing units by providing house builders with access to finance.
The government’s long term economic plan is supporting businesses who are creating job opportunities, and in this case, building homes for hard working taxpayers up and down the country.
Communities Minister Stephen Williams said:
I am delighted to see the Builders Finance Fund making this big step forward. Developers will be able to access over half a billion pounds of finance to build homes across England. Increasing housing supply is a crucial part of the government’s plan to help build a stronger economy and a fairer society and this fund is just one of the many ways that government is supporting that.
Unlocking hundreds of ‘shovel ready’ sites
Launched in April, the Builders Finance Fund is a key part of the government’s long-term economic plan. It will help unlock ‘shovel ready’ sites between 15 and 250 homes, which have the support of local people but need help to get development going. The funding will come in the form of loans, which the developer will repay on completion and sale of the homes.
Sites shortlisted for funding today include:
- the Boardwalk development in Halton, where EBL are expected to deliver 80 new homes
- the Priory Hall development in Braintree, where Hallmark Developments is expected to help build 20 new homes
- the Belmont Hospital development in Devon, where Devonshire Homes are set to build 23 new homes
In total, 165 sites across the country are set to receive a share of £525 million to deliver 12,843 new homes, subject to due diligence.
Construction levels climbing higher
The Builders Finance Fund is one of a number of schemes the government has introduced which has got Britain building.
The government has also made available £1billion through its Large Sites Infrastructure Programme to help unlock up to 250,000 homes on large-scale developments with over 1,500 units, and £50million to support housing infrastructure and help local enterprise partnerships help deliver new homes in their area.
And today, ministers announced a further 2 sites where funding from the government’s Large Sites Infrastructure Fund will unlock over 6,400 homes. They are:
- Newark Future, being developed by Catesby Property Group, to unlock 2,600 homes
- the former Garrison at Wellesley near Aldershot, being developed by Grainger and Bellway to unlock 3,850 new homes
On top of this, over 1,900 smaller builders have signed up to offer homes through the Help to Buy scheme, which has helped around 50,000 aspiring homeowners get on the property ladder with a fraction of the deposit they would normally require.
All this has helped deliver nearly half a million new homes since 2010 – nearly 200,000 of which are affordable homes.
Further information
View a full list of sites shortlisted for a share of the Builders Finance Fund.
Key criteria for the Builders Finance Fund are that sites should have the support of the local community and local authority, with an implementable planning consent (including any relevant Section 106 Agreement) in place by 31 March 2015.
The nature and form of the schemes that applied for funding were a local matter. The government was clear that the council and community should determine the level of affordable housing, market housing and other uses as part of their wider aspirations for any sites. Bidders were also required to confirm that residential properties financed through the fund will be marketed in the UK.
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