A shortlist of over 160 smaller housing developments across the country that could benefit from a share of the £525 million Builders Finance Fund has been published.
Ministers said that with high demand for the fund, more developers will be invited to put forward their bids over the coming months as part of a rolling programme to unlock homes.
‘Thanks to the Builders Finance Fund, work will get started on over 160 sites across the country that had been brought to a standstill by the 2008 housing crash. This half billion pound government investment will ensure we deliver up to nearly 13,000 new homes, and the same number of jobs, getting workers back on site and Britain building,’ said Communities Secretary Eric Pickles.
Communities Minister Stephen Williams said that developers will be able to access over half a billion pounds of finance to build homes across England. ‘Increasing housing supply is a crucial part of the government’s plan to help build a stronger economy and a fairer society and this fund is just one of the many ways that government is supporting that,’ he added.
Launched in April, the Builders Finance Fund is a key part of the government’s long term economic plan. It will help unlock ‘shovel ready’ sites of between 15 and 250 homes, which have the support of local people but need help to get development going. The funding will come in the form of loans, which the developer will repay on completion and sale of the homes.
Sites shortlisted for funding include: the Boardwalk development in Halton, where EBL are expected to deliver 80 new homes; the Priory Hall development in Braintree, where Hallmark Developments is expected to help build 20 new homes; and the Belmont Hospital development in Devon, where Devonshire Homes are set to build 23 new homes.
In total, 165 sites across the country are set to receive a share of £525 million to deliver 12,843 new homes, subject to due diligence.
The government has also made available £1 billion through its Large Sites Infrastructure Programme to help unlock up to 250,000 homes on large scale developments with over 1,500 units, and £50 million to support housing infrastructure and help local enterprise partnerships help deliver new homes in their area.
Ministers also announced a further two sites where funding from the government’s Large Sites Infrastructure Fund will unlock over 6,400 homes. They are Newark Future, being developed by Catesby Property Group, to unlock 2,600 homes and the former Garrison at Wellesley near Aldershot, being developed by Grainger and Bellway to unlock 3,850 new homes.
