New housing push from Parliament unveiled
Property news from Prime Minister, Theresa May’s Government have revealed that they have promised to take “unprecedented steps” to open up the housing market.
During the Conservative Party Conference being held in Birmingham, the Secretary of State for Communities and Local Government, Sajid Javid, together with the Chancellor, Philip Hammond, reinforced a home builders fund of £3bn, this will enable loans to be provided to small building companies to help and support the groundwork and kickstart construction.
25,000 new homes could be built by 2020 with the support of the builders fund and even up to 225,000 during the long term
£2bn has also been guaranteed to promote house builders to build 15,000 homes on publicly owned brownfield land. In the same breath, the Government have also pledged to bring in measures to help abandoned sites by building new homes on derelict shopping centres, neglected town centres and transport hubs.
These three plans are part of the Government’s aim to create a million new homes by 2020.
More than 170,000 new homes were constructed across England according to last year’s full records, this is a shortage of 80,000 homes needed to help struggling buyers. 250,000 new homes are now required each year, according to housing experts. This is great news for home buyers, especially buyers who want new builds.
In spite of this, a time delay is possible while these new measures convert into the new homes ready for sale. Luckily, this new funding will promote house builders to deliver homes more cheaply and quickly.