June 25, 2012

The Get Britain Building Programme Will Unlock Funding for House Builders

Housing developers facing financial difficulties will be able to bid for at least £100 million of investment to get work restarted on stalled sites under the Get Britain Building Programme, the Homes and Community Agency (HCA) has revealed.

The Get Britain Building programme was introduced in November 2011 as part of Government’s Housing Strategy for England to boost construction activity by delivering more than 15, 000 new homes.

Following the announcement by the HCA, housebuilders with as few as 15 houses, which have been suspended, will have the chance to put their bid forward until 25 July 2012.

Development is underway on sites in Ashford, Kent and Bath whilst funding has been allocated to 40 schemes set to deliver more than 3,200 new homes once contracts are agreed.

Chief Executive at the HCA Pat Ritchie said: “It has been a tremendous effort from the industry and the HCA to get this programme up and running, and with more than £110 million allocated I look forward to seeing these developments progressing to build much needed housing.

“We will continue to be thorough in our due diligence, and will only support those schemes backed by the community, which boost the local economy and provide a secure and value for money investment for the taxpayer.” – added Ms Ritchie.

More Construction JOBS in South East England

One of the largest providers of affordable housing in the South of England, Sovereign Housing Association, has announced it will build more than 3, 000 new homes over the next four years, paving the way for jobs in the building construction industry.

The ambitious plan will see 1, 064 new homes built by the end of this financial year, 865 of which have been already identified, the housing association confirmed last week. Under Sovereign’s new development strategy at least 276 of the new homes will be for affordable home ownership, forecasting a similar number of homes to be completed in 2013/14.

Development and Commercial Director at Sovereign, Phil Stephens, said: “The top priorities of our development strategy are to ensure that we deliver the HCA Affordable Homes Programme and to play our part in achieving Sovereign’s aim of reaching 50,000 homes by 2015,”

“Our recent successful bond issue has given us the financial strength and flexibility to continue delivering a substantial programme of new homes in our core operating areas in the coming years.”- added Mr Stephens.

It was revealed that Sovereign’s development will include a significant number of shared ownership homes as well as a growing number of market rent properties in key locations.

Mr Stephens commented that there is a definite gap in the market rent properties due to the rising demand from people unable to buy their own homes.

He said: “We will be looking to build on the positive experiences we have had so far letting homes at market rates in the West Country, and not only develop a broader portfolio of properties, but also diversify our revenue streams to enable us to continue providing affordable homes into the future.”