Housing strategy aims for 450,000 homes by 2015

Aaron Morby 13 years ago

The Government has unveiled its long-awaited housing strategy to get the industry building in volume again.

The plan will include a £400m Get Britain Building fund to help projects, which have been put on hold due to a lack of funding.

The government claims the cash will “unlock” the construction of up to 16,000 new homes, supporting 32,000 jobs in the process.

David Cameron has also backed plans for up to 60% discounts on council homes in a revamp of right-to-buy and a Government-backed mortgage indemnity scheme for first time buyers, both of which will be launched in the Spring.

Click for full report

In the foreword to the Laying the Foundations report, both the Prime Minister and Deputy Prime Minister pledge to “unblock” the property market with a raft of new measures.

Cash from right-to-buy receipts will be streamed into building new housing, creating a funding pot for a second wave of affordable housing programme deals.

So far the Government has signed off contracts for the first £1bn of its £1.8bn funding allocation for phase one.

The Government has pledged to replace every sold council home and build 100,000 new affordable homes at 80% of market rates.

House builders have been calling for a mortgage indemnity scheme for several months to give lenders more confidence in supporting first-time buyers.

Under the new plan, the government is expected to cover the risk for the lender, which should enable first-time buyers to take out larger mortgages relative to the value of the home.

Homeowners would first lose their deposits before the government suffered losses, which would be shared with the initial bank lender.

The document also sets out a timetable for the first public land auctions in the Spring as part of its plan to release publicly-owned land for up to 100,000 plots.

House builders will be able to bid for land on a build now, pay later basis, which it is hoped will coax Britain’s major housing developers into raising the volume of new homes they build.

The strategy document draw together a raft of Government housing initiative announced over recent months setting out a timetable new policies to come into force.

According to official figures published last week, housing starts now stand at half the level under construction when the sector peaked at the end of 2005.

Actual completions are now running at the lowest level seen for several decades and have alarmed Government into pledging to lead a housing revolution.

Latest news

McAlpine pulls out of £55m Carlisle Citadels project

University of Cumbria starts hunt for replacement contractor
7 hours ago

Motorist dies after collision with road paver

Police Scotland investigating fatal crash
2 hours ago

McLaren Living appoints HG Construction for £69m scheme

Build to Rent scheme will transform former vacant car park site in Leeds city centre
6 hours ago

Squibb liquidator probes £2m of “missing” plant

Machinery, cars and scrap metal have disappeared at demolition specialist
11 hours ago

Galliford Try to re-enter affordable homes market

Contractor sets out new five-year plan to build margin to 4%
11 hours ago

Former Sellar chief to lead civils contractor Kilnbridge

Owen Dannatt joins as new CEO as founder Dermot McDermott becomes Chairman
11 hours ago

Hunt starts for nuclear fusion plant construction partner

Fusion energy plant to be built at West Burton coal power station site.
11 hours ago

National Grid raises £7bn for big infrastructure upgrade

Rights issue to fund a major round of capital investment in energy infrastructure
10 hours ago

Grenfell police probe to last at least until end of 2025

19 companies and 58 individuals could eventually face charges
20 hours ago

Mace confirmed on £100m London office retrofit

Work underway on Helical's 100 New Bridge Street job near Ludgate Circus
1 day ago

Wylfa chosen for next big nuclear power station build

Government names Anglesey site for a large-scale gigawatt nuclear power plant.
1 day ago

Bowmer & Kirkland trading profit halves

Contractor buys HVAC specialist Adcock despite challenging market
1 day ago

Piling specialist Van Elle plans further job cuts

Piling specialist plans further cost savings in face of lower demand
1 day ago

Civils contractor A Catlow files administration notice

High voltage cable specialist lodges court notice
1 day ago

Green light for ARC Oxford lab campus

Work to start later this year on £40m Ascent building job
1 day ago

Stonehenge tunnel hit by another legal delay

Court upholds latest appeal against £1.7bn scheme by campaigners
2 days ago

Plans go in for huge Olympic Park construction hub

Bow Goods Yard could deliver 3.5m tonnes of materials a year to sites across London
2 days ago

40% affordable homes target for Labour’s new towns

Labour pledges to select new town sites by end of first year
2 days ago

Plan for £100m Liverpool Baltic station

Construction work could begin next year
3 days ago

Surgo Construction went down owing £4.5m

Biggest creditor is Bellway Homes after dispute on housing job
2 days ago

Vistry seals £157m West London housing deal

Around 575 homes to be built at Merrick Place scheme in Ealing
2 days ago

Streamlined Watkin Jones returns to profit in first half

Multi-room specialist sees secured work pipeline hit £1.4bn
2 days ago

Bellway hires ex-brickie as group construction chief

James Griffin to oversee move to the Future Homes Standard and timber frame.
2 days ago

Persimmon under fire for delays to £10m relief road

West Suffolk Council serves Breach of Condition Notices after timetable slips again
2 days ago

BAM wins £33m Kent secondary school job

Replacement Swanley academy to be built at live school site
2 days ago

Aluminium cladding specialist collapses

Melton Mowbray-based firm worked for several main contractors
3 days ago

Brickwork contractor Lee Marley returns to profit

Affordable and rental homes demand lifts brickwork contractor
3 days ago

Housing contractor Durkan suffers second year of losses

More fire safety provisions tip firm into £3.9m loss
3 days ago

Farrans makes breakthrough on tricky tunnel job

Tunnel under Tees latest part of new £155m water pipeline job
3 days ago

Heidelberg buys aggregates and earthworks specialist B&A

Latest deal follows acquisition of Mick George
3 days ago

Contractor services