CABINET MINISTERS PLEDGE 5 BILLION POUNDS TO AID IN TACKLING HOUSING CRISIS
- 03 Oct
Cabinet ministers will discuss a £5bn drive to tackle Britain's housing crisis today
This money will be used for the construction of at least 40,000 new properties, to reduce the gap between demand for homes and supply of affordable houses and flats, iNews, reports.
Sajid Javid, the communities secretary and Chancellor Phillip Hammond insist that this will enable more people to find houses in the areas under maximum pressure.
The fund will provide the following:
- Loans for building companies thereby creating new jobs
- An additional £2bn of public sector borrowing will be targeted at building 15,000 homes on surplus public sector land which already have planning permission
- Some money will go to small companies for building at twice the rate of construction firms
- A new scheme to encourage the conversion of unused office buildings into homes- providing around 4,000 homes by the end of 2021
Mr Sajid Javid, said:
"We've made great progress fixing the broken housing market we inherited from Labour, but now is the time to go further.
"We want to ensure everyone has a safe and secure place to live and that means we've got to build more homes.
"It is only by building more houses that we will alleviate the financial burden on those who are struggling to manage."
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