Build Now, Pay Pater Offer For Construction Firms
Grant Shapps, the UK’s housing minister, has announced a new ‘Build Now, Pay Later’ scheme which will allow developers to begin work on thousands of new homes without buying the land upfront.
Under the scheme, the cost of the site will only need to be met after firms have started building, which the government described as offering a ‘shot in the arm’ for those in the industry struggling with cash flow in the wake of the economic downturn.
“Draconian top-down targets brought house building to its knees, reaching the lowest level for any peacetime year since 1924. Radical reform is needed to give a boost to developers and kickstart building so we can get the homes this country needs,” Shapps said.
“Up to 40% of the land ready for development in this country is simply sitting idle in the hands of the public sector. So … I’m giving the green light to the Homes and Communities Agency to lead the way by making six new sites available for development.
He went on to say that these sites – located in Hemel Hempsted, Basingstoke, Tower Hamlets, Northampton, Nottinghamshire and Telford – would be ‘the first of many’, with all government departments set to be asked to make land available for house building.
In total, 18,000 new jobs could be safeguarded through the scheme, which will be seen as a definite boost to an industry that has slumped to the lowest peacetime level since 1924.
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