Coalition set to invest £400m in new homes plan
Posted on 21st November 2011
The Coalition government are set to introduce a £400m scheme to help accelerate the slow rate of the current house building market.
David Cameron and Nick Clegg are fully supporting the initiative, which aims to get the building of 16,000 new homes started by next July. It is set to boost supply, ease the financial pressures of developers and hopefully boost consumer confidence.
The “Get Britain Building” fund will allow competition amongst developers for the money to build on development sites which have been recently cleared. It has been proposed that 3,200 of these new builds will be affordable properties and the scheme will also support up to 32,000 jobs.
Cameron and Clegg commented: "With this strategy we will unlock the housing market, get Britain building again, and give many more people the satisfaction and security that comes from stepping over their own threshold. These plans are ambitious – but we are determined to deliver on them." They agree that the housing market has been one of the biggest victims of the economic crisis and they are determined to get it back on the right track.