Posts tagged Housing Minister Mark Prisk
The Government is going to build thousands of homes at stalled housing sites and create new construction jobs through a multi-million investment package set to kick-start the economy and boost the trades.
Today, Housing Minister Mark Prisk confirmed that 14 major housing schemes across the UK will benefit from the investment that can start building up to 38,000 new homes.
A share of the Local Infrastructure Fund, which has a total budget of £474 million, will create thousands of jobs for local communities and people in the trades across the country.
The funding programme is targeted at large-scale sites of over 1,500 homes that could deliver real benefit to their communities.
Housing Minister Mark Prisk said: “This government is determined to get Britain building again. That’s why we are working with local housing schemes that have their plans in place, but need help to move forward.
“Our support through the Local Infrastructure Fund will help deliver the homes this country needs, create thousands of jobs and inject millions of pounds of investment into local economies.”
Homes and Communities Agency Chief Executive, Andy Rose, said: “This investment from the Local Infrastructure Fund is about building momentum behind some of those larger locally-backed housing developments to accelerate the supply of new homes.
“There is work to be done to ensure these bids deliver value for money for the taxpayer and fit with local priorities, but I am looking forward to getting out on site and seeing progress on successful bids in the months ahead.”
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Housing Minister Mark Prisk announced today that up to 10,000 new homes could be built by 2015 that will create new jobs and boost the trades.
The minister announced the first 45 projects to be taken forward using the £1 billion Build to Rent Fund which will provide equity finance to house builders and developers.
Mr Prisk said that the innovative new projects, a quarter of which are for London, will be the first step toward creating a more balanced rental market, driven by quality instead of demand.
The Build to Rent Fund is designed to help developers invest in homes built specifically for private rent by reducing the up-front risk in a relatively untested market.
A first round of projects will now receive a share of £700 million government investment package, with a second round of bids for the remaining fund expected to open later this year.
Projects going forward in this round have the potential to deliver between 8,000 and 10,000 homes, and include:
- Genesis Housing Association, with plans for new rental homes around London
- Place First, along with Together Housing Group, who will be building across Northern England
- Crest Nicholson, who intend to bring a significant number of homes to market over many sites across the country
Mr Prisk said that the varied mix of developers, from brand new organisations and small housing providers to long-established developers, will bring new blood into a market currently dominated by small-scale buy-to-let landlords, and will help to give tenants more choice when choosing a home in the future.
Housing Minister Mark Prisk said: “This government is determined to get Britain building, and the Build to Rent Fund is set to help us deliver, with up to 10,000 new homes to be built from these projects.
“We’ve seen overwhelming demand for the fund, and it’s become clear that there’s a real appetite for rental investment. We want to support that, which is why we’ve made a £1 billion Budget boost to the fund.
“Now, these new projects will help us map this almost uncharted market, bringing in new blood to improve rental quality and choice, and building the new homes that this country wants and needs.”
What is your reaction to the new £1bn build-to-rent fund that will deliver 10,000 new homes and boost the trades? Share your thoughts by commenting here or raise your voice on our Facebook and Twitter pages.
Chief Secretary to the Treasury Danny Alexander and Housing Minister Mark Prisk have set out how two investment schemes will provide up to £10 billion of lending guarantees to businesses that want to build new affordable homes.
The ministers are publishing further details on the schemes that will use the Government’s fiscal credibility to provide property investors with low-cost finance so they can deliver new private rented or affordable housing.
Both schemes were revealed in September 2012 to kick-start private investment in the housing sector, which will create thousands of new homes and jobs, boosting growth across the country.
The guarantees will support new-build projects, located in the United Kingdom. The private rented sector guarantee will back a variety of options to invest in new homes for private rent, from building new homes to converting existing commercial spaces into rental properties.
This will make vital finance available for projects in any part of the UK that have a minimum value of £10 million. The new homes will have to remain in the private rented sector until the money is paid back.
Following extensive consultation with the housing sector, the government is setting out eligibility requirements and how the guarantees will be structured, in the scheme rules for affordable housing and the scheme rules for private rented housing. It is also publishing an invitation to tender for the running of the schemes.
Chief Secretary, Danny Alexander said: “The announcement today shows we’re getting on with delivering an ambitious guarantee programme, giving projects across the UK a unique opportunity to take advantage of the strength of the UK’s balance sheet, allowing businesses and homeowners to benefit from lower borrowing costs and more affordable housing.
“We must build on this momentum to boost vital investment in the housing sector, creating jobs, supporting small businesses and building the foundations for growth across the country.”
Housing Minister Mark Prisk said: “The housing guarantee schemes will help to get spades in the ground, create jobs, and establish new business models that will ensure the private rented sector continues to grow and more affordable homes are delivered.”
What is your reaction to the new funding announced by the Government that will create new jobs and boost the trades? Share your thoughts by commenting here or raising your voice on our Facebook and Twitter pages.