Stalled Building Sites To Get Helping Hand
|Small, family-run housebuilders could receive a multi-million pound boost to do their bit to Get Britain Building, Housing Minister Grant Shapps announced today.
More than £100 million is available to get spades in the ground and stalled developments back on track. This will potentially deliver up to 2,000 new homes.
The Get Britain Building fund has already provided a boost to developments in places including Ashford and Bath, where work has now restarted on 181 new homes.
The Minister said he was opening up remaining money in the £570 million Get Britain Building fund so this loan lifeline is also available to smaller builders after other developers later found they could build without the fund.
Smaller builders getting bigger chance
Previously, builders bidding for cash had to have plans for at least 25 homes on their sites. Now, to help smaller firms bid for funding the Minister has lowered the bar to 15 homes. This will open the door to additional developers who previously could not access this financial support. Larger developers can still bid.
Mr Shapps said he was determined that every taxpayers' pound works as hard as possible and that as many homes as possible are built. That's why the fund provides commercial loans directly to building firms that have shovel-ready sites, with planning permission in place, and that fit with local priorities.
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Mr Shapps said: "By spreading the net wider and boosting the number of eligible sites we can offer more help to builders both large and small.
"We saw huge appetite last time for this funding but some developers later found they could build without the fund. We need to be sure every single pound of taxpayers' money works as hard as it can so we can get as many homes as possible out of Get Britain Building. That is why I'm inviting further bids.
"We've already started seeing the benefits this is bringing to the industry and the economy as a whole. I now want to see as many firms as possible grabbing this opportunity to get the diggers back on site."
Increasing opportunities for smaller firms will not only help secure the livelihood of people across the building trade but also offer more opportunities to local trades, from carpenters and plumbers through to people who keep their local housing market moving.
The Get Britain Building fund is one of a number of measures aimed at tackling the housing shortage, boosting the economy, creating jobs and giving people an opportunity to get on the housing ladder.
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