£2.3 billion boost for new UK homes
It’s been said for a while that the UK housing market isn’t working for everyone. Fortunately, in our region, we’ve seen rises in first-time buyers getting on the property ladder, rents falling for those who aren’t buying, alongside the backdrop of northern cities topping the year-on-year price growth chart.
However, the major challenge that isn’t being overcome is the need for new property development across the whole of the United Kingdom. The Conservatives have pledged that by 2020 they will build one million new homes in their last two manifestos and now a new Housing Infrastructure Fund has been set up to deliver the 100,000 homes that are first on the list.
What does this mean?
Urban expansions are being delayed because of the lack of infrastructure and this money will be given to local authorities. It will be available from this year until the 2020/21, and it’s something that Communities Secretary, Sajid Javid is fully behind. He said:
Without the right infrastructure, no new community will thrive, by investing in local infrastructure, we can help unlock the building of thousands of new homes in areas they are needed most.
How many homes were built last year?
In 2016, just 141,175 new homes were built - according to the National House Building Council (NHBC).
To help with this, we have a property development services for new homes with our Land & New Homes team.
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