Government To Help Fund Development Of Starter Homes

It has recently been announced by the Government that it is to provide £8 million of funding towards developing 27 starter home sites around the UK. The funds are to be shared by councils in England.

Starter homes can be built on a number of brownfield sites that are ripe for development in this country
Some brownfield sites will make ideal locations to build new starter homes on.

This is excellent news for people looking to purchase their first homes. The monies are to be used to build homes on brownfield sites that are not being used to their full capacity or are empty sites. There are no doubt many such brownfield sites that have perhaps been left empty following the demolition of say an industrial unit in towns and cities.

This is the first stage in the Government’s plan to support the construction of 200,000 starter homes in this country.

In addition, the Government also recently published some proposals that would broaden what affordable housing is defined as. This has been done with the intention of making it much more simpler for builders to construct such residential properties that can then either be rented out or sold.

Presumably this will present builders with additional opportunities to construct more properties. In this respect, such businesses will possibly be looking for development finance to help in the construction of new homes. There are so many different development lending schemes available whether that is from the mainstream high street lenders such as banks and building societies or lenders that specialize in providing development finance.

If you are a builder looking for funding to help in a building development project why not get in touch with us here at Commercial Mortgage Link as we can put you in touch with a specialist that should be able to assist you in your search for suitable development finance. He or she has access to a panel of lenders providing such finance and should be able to help you source a competitive finance package.

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