100 million pound Get Britain Building fund for delayed developments

Posted: 17/07/2012

The Get Britain Building fund is designed to tackle the housing shortage across the UK whilst boosting the economy by creating jobs. The main aim for the scheme was to help first time buyers get onto the property ladder through the Firstbuy and Newbuy scheme, which is expected to help around 100,000 people.

The latest scheme involves a £100 million loan for developments that have been delayed due to a lack of funding. Grant Shapps stated that the funding will help deliver around 2,000 new homes in total. Ashford and Bath are the first towns to have already benefited from the funding with work restarting on 181 new homes.

The Get Britain Building fund started at £570 million and the remaining money will be awarded to smaller builders through a bidding process. Previously the bidders had to have at least 25 homes on their development plans but the requirement has been lowered to 15 homes however, firms with larger plans can still bid for the funding.

Grant Shapps is hoping that opening the funding to smaller bidders will offer more opportunities to local traders such as plumbers and carpenters. The funding will be a in the form of a loan from the Homes and Community Agency and is expected to secure the livelihoods of people in local building trades across the country.

Amanda McGovern, Pali Ltd

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(0) Comments newbuy, firstbuy, new homes, housing, funding, Government, development

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