The Government has advised £1.9 billion is being invested into the housing market to ensure that 300,000 new homes can be built every year until the mid-2020s.
The Land Assembly Fund has the majority of the budget and its £1.3 billion investment will be used to obtain land that needs work, such as contaminated land. This will give property developers a helping hand, making their investment less risky.
Meanwhile £630 million is going into the Small Sites Fund. This will be available for public land owners and councils, to enable them to support home building on small sites that have stalled.
James Brokenshire, the Government’s Housing Secretary, commented ‘The availability of this investment will help us intervene in the sort of sites that aren’t yet ready to build on, or where developers have been put off. Developers can now get straight on with building homes, rather than overcoming the barriers to build. And in the same way we are also supporting councils that have land for housing, but need additional help to enable development.’
Jamie Smart, Director of smarthomes estate agent, said ‘It’s great to see action rather than just talk – we all know the country needs more new homes and this investment should ensure that homes can be built in the most needed areas.’
Local estate agent smarthomes is planning to develop its new homes division and their current range of new properties can be seen here: