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Property News Desk
A scheme is in place to encourage growth of new build housing schemes with house builders aiming to construct affordable homes, on government land in a ‘build now pay later scheme’ which aims to create up to 266,000 homes. The ‘build now pay later scheme’ introduced by the Government is to ‘encourage growth’ as annual house building figures are at there lowest since 1923. The Financial Times in a report said; ‘the build now, pay later would provide incentives for house builders by easing the cash flow problems’
The scheme in a bid by ministers aims to prove the economy is entering a recovery stage ahead of the budget on March 23.
These type of property developments will aim to boost the economy and help sustain the “Olympic legacy”. A plan is being discussed to generate several hundreds millions of pounds for ‘the development of several new neighbourhoods in the new Queen Elizabeth Olympic Park’. This was revealed on Tuesday at the Mipim property conference in Cannes, France by London mayor, Boris Johnson. The plan will generate more than 800 homes for families around the area.
Housing minister; Grant Shapps has discussed this ‘build now pay later policy with executives from the house building industry. However, a spokeswoman said for the house building federation warned ‘we welcome the commitment to free up public sector land, but public bodies need to be realistic about price as well as flexible about terms if the initiative is to deliver new homes’
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