Councils building UK property to be given grants

11th Dec 2012

Councils that are helping to boost the UK property sector by making sure they are building a greater number of homes for new buyers are to be given extra funding by the government as it looks to promote a New Homes Bonus throughout the next year.

According to housing minister Mark Prisk, this comes on the back of good data over the past months on how councils have been acting to bring more brand new properties for sale in the sector by promoting the building of houses and backing governmental schemes that help to increase the number of people buying them.

Westminster has been keen to promote its NewBuy scheme throughout 2012, since its launch in March, whereby buyers can purchase a brand new house by putting up a deposit of just five per cent, as opposed to the more common 20 to 25 per cent seen for most house seekers.

Mr Prisk said that over the last year, local councils have provided more than 142,000 new homes across England, with 58,000 of these falling into the band of "affordable". He said that this meant the 353 local governments across England will be looking to share £661 million over the coming calendar year.

The funds will also be reward for the fact that many councils have helped to bring houses that were lying empty back into use in months gone by.

"For years, developers found themselves at loggerheads with communities unconvinced that their plans for growth would benefit them. But the New Homes Bonus is turning this around," said Mr Prisk.

"The £1.3 billion paid out to councils to date has meant that now local people are able to see the rewards of new developments in their area."

He said that the funding would pave the way for more locally supported housing projects to be implemented by councils further down the line to assist councils in furthering their offering to people living in the local areas.

Posted by Staff Writer: ADNFCR-1286-ID-801504517-ADNFCR

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