Housing Minister Grant Shapps is urging developers to come forward to take advantage of this new opportunity which could help create 25,000 jobs by 2015.
Mr Shapps has told Government departments with significant land banks that by this Autumn, they must publish plans to release thousands of acres of previously developed land to house builders.
Property specialists will work with each department and challenge them to release as much land as possible for new homes.
Councils are being urged to follow suit and make their unused land available as well.
The Homes and Communities Agency is introducing a Build Now, Pay Later Deal as part of its contribution to promoting development. It helps house builders because they only have to pay for land once work begins on the new homes.
It’s hoped this will provide a lifeline for builders struggling with cash flow problems.
Mr Shapps said: We are already off to a flying start – it is now for developers to come forward, make the most of this unique opportunity, and help contribute to our country-wide efforts to help get the homes this country needs built.”
We shall keep clients informed of developments.
Please contact us if you would like more information about the issues raised in this article.