Government Plans

UK Government Announce £3bn Fund To Be Created For Housing

The UK Government is pledging to fix Britain's "broken housing market" and has unveiled plans to build thousands of new homes.

Sajid Javid, Communities Secretary, told MPs on Tuesday as he presented the housing white paper that the UK had had the lowest rate of housebuilding by population in western Europe over the past three decades. This was a situation he was determined to address. “We need to build more of the right houses in the right place and we need to start right now,” he said. Proposals included, the £3 billion Home Building Fund to help small firms build more houses, with 60% of new homes currently being built by just 10 big building firms.

The Government's aim is to help small firms build more than 25,000 new homes by 2020 - and up to 225,000 in the long-term - by providing them with loans.

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