Housing strategy aims for 450,000 homes by 2015

Aaron Morby 11 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

Scaffold boss banned over covid loan abuse

Eleven-year director ban after misuse of £50,000 loan
14 hours ago

Gove issues six weeks ultimatum to sign building safety contract

Developers told to sign Government contract issued today or be banned from building homes
20 hours ago

Firm fined £120,000 for lifting two builders in a telehandler bucket

Rochdale builder Hoyle Developments fined after repeated safety breaches
3 days ago

Hunt quashes reports HS2 will stop at Old Oak Common

Chancellor says no "conceivable circumstance" where HS2 would not terminate in Central London
3 days ago

London Chiswick roundabout 24-storey tower approved

Plan for 255 flats and offices finally passed after four previous schemes failed to proceed
20 hours ago

Construction forecast to fall by nearly 5% this year

Private new build housing and RM&I to drive fall but infrastructure growth will also slow
19 hours ago

Mace wins green office block at famous Fleet Street pub site

Contractor to build new 12-storey block pioneering latest sustainable construction methods
20 hours ago

Firms readied for raft of net zero and building safety frameworks

Procurement specialist LHC to tender five mission zero retrofit and building compliance deals
4 days ago

Plans in for two Derby city centre schemes of 1300 homes

Eagle Quarter and Bradshaw Way schemes to breathe life into Derbion centre area
4 days ago

United Living names new infrastructure services MD

Former SSE Contracting operations director John Farrell joins multi-service contractor
4 days ago

Sunak promises Bill to build £100m Holocaust Memorial

Holocaust Memorial Bill will update historic legislation allow the building of a new memorial in London
4 days ago

Mace Interiors to transform Hanover Square office block

Refurbishment work to start this year on major revamp of Mayfair building
5 days ago

Garden village in Darlington gets £43m infrastructure cash

Transport and highways work will pave way for 2,000 new homes
5 days ago

Plans in for Lendlease £1.9bn Birmingham Smithfield scheme

Ambitious plans for City's old market area advance with enabling works hoped to start this year
5 days ago

TClarke on track for £500m turnover this year

Building services specialist sees 2022 revenue and profit up by around a third
5 days ago

McAlpine tenders M&E work at £340m Museum of London job

Demolition and first MEPH work packages come out to bid
5 days ago

BAM signs off on £65m Manchester First Street office job

Briggs & Forrester lined up for MEP package
5 days ago

Eurocell gets £1m insurance payout after cyber attack

UPVC giant details cost-cutting round as market weakens
5 days ago

Mace on board for £440m Manchester Airport upgrade

Green light for second phase of airport transformation programme
6 days ago

Inland Homes losses now set to hit £91m

House builder sells land as construction problems and slower sales wreck balance sheet
6 days ago

Plans in for Stoke on Trent city centre mixed-use scheme

Etruscan Square scheme consists of an arena, 300 homes, hotel and multi-storey car park
6 days ago

Landsec unveils latest £850m Buchanan Galleries plan

Subject to planning, earliest date for first construction would be summer 2024
6 days ago

Van Elle soars to record revenue in first six months

Revenue up a third to £80m at piling specialist with improved order levels ahead
6 days ago

Work starts on BSI Kitemark for MMC homes

Government backs new British Standard to lift barrier to modern methods of construction
6 days ago

Watchdog blasts “rushed” UK Infrastructure Bank

Funding deals only seen so far on broadband and solar farms projects
6 days ago

60,000 Grandfather Rights skills cards soon to be invalid

New guidance issued for how experienced workers can get new CSCS cards before end of 2024
7 days ago

Worker dies after cardiac arrest in HS2 site office

Colleagues and emergency services tried to save man after he collapsed in tunnelling office
7 days ago

Mace wins £150m life sciences centre

Construction to start in April creating 1,000 jobs on London's Euston Road
1 week ago

Redrow switches to heat pumps as standard in all new homes

House builder commits all new detached homes from this month to have heat pumps and underfloor heating
7 days ago

Gilbert Ash set for Barnfield College next phase

Contractor understood to have won latest £26m deal at Luton site
7 days ago

Contractor services