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Boost for new builds…

In a boost for the new build property market, Eric Pickles the Secretary of State for Communities and Local Government has announced the first wave of projects that will benefit from the £1 Billion injection made available to accelerate the provision of 200,000 new homes across the country. A 36 strong short list has been drawn up with each housing project in line to receive a share and take advantage of an estimated £850 million of funding which will help kick start this huge house building project.

This is all part of a 5 year government infrastructure programme which has been earmarked to build schools, parks and service roads. It will support the construction of at least 1500 homes in sites to include South East London and the Greenwich peninsula.

Eric Pickles said: “Residential construction is now at its highest level since 2007 and continuing to rise, and 216,000 new homes were given planning permission last year.

Following a final round of due diligence the funding will be available between 2015 and 2020. The programme also includes £12.5 million funding capacity to assist in managing the planning and technical support required for councils dealing with such large scale sites.

For more information please contact Nick Carroll or visit our website BCL Legal.

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