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Housebuilders to Bid For a Share of £7bn Housing Fund

The UK government is now welcoming bids from housebuilders for a share of the £7bn fund allocated towards the delivery of affordable housing in England.

UK Construction

The UK government is now welcoming bids from housebuilders for a share of the £7bn fund allocated towards the delivery of affordable housing in England.

Housing associations, local authorities and private developers are now able to bid for a part of the government’s funding which is aimed at delivering affordable housing across a variety of tenures.


The fund is comprised of three previously announced initiatives from the government, with £1bn from a previous affordable housing scheme, the £4.7bn allocated to housebuilding in April last year and the £1.4bn announced in the Autumn Statement in November.


While the £1.4bn pot is to be used towards funding for 40,000 new affordable homes, the £4.7bn will be used to deliver a minimum 135,000 shared ownership homes, 10,000 rent-to-buy properties and 8,000 homes for supported living and older people to rent.


As £1.3bn of the £4.7bn pot has already been assigned to housebuilders, the construction work of these homes is predicted to commence very soon.


Described as a “dramatic expansion” by the Department for Communities and Local Government, the communities secretary, Sajid Javid, believes that the funding will help to create a housing market which will work for everyone and meet the housing needs of the UK.


Commenting on the government’s plan, Mr Javid said:


“Our newly expanded affordable housing programme, turbo-charged by a multi-billion pound investment, will allow housing associations to build more homes in places where they are most needed, particularly for families who are just about managing.”

 

As more funds are released towards promoting further housebuilding, property agent Savills announced in their latest report that a total of 189,650 dwellings were delivered to the market in the year to March 2016.

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