Bridging Loans News:- Six local authorities have won £38.2m worth of investment to accelerate the building of at least 2,072 new homes.
The funding will be ploughed into infrastructure for 13 sites spread across England from Somerset to Cheshire. The councils who’ve gained funding are being encouraged to employ SME housebuilders and also developers who harness modern methods of construction.
Homes England chief land and development officer, Stephen Kinsella, said: “This funding will enable local authorities to prepare their sites for development and to bring forward the construction of homes. New homes will then be built out at pace using modern methods of construction.”
Bridging Loans by HZA
Brokers Hank Zarihs Associates said getting land ready for building was key for attracting housebuilders to develop a site and gain construction loans and property development funding.
Land which has gained investment includes Locking Parklands, Weston-Super-Mare, where North Somerset council will receive over £9.8m towards 425 new homes, of which 30 per cent should be affordable. Winsford, Cheshire, will get over £4.5m to accelerate the construction of 310 homes, including a 60-home extra care scheme.
Other local authorities to benefit include Bournemouth, Christchurch and Poole council, Bristol city council, Hastings borough council and Hull city council.
The deals were awarded through the government’s £350 million local authority accelerated construction programme, which helps unlock public land to speed up council housing schemes.
Cutting-edge building techniques get housing minister’s backing
Housing minister, Esther McVey, pledged her support for modern methods of construction today when she visited Sheffield University’s advanced manufacturing research centre.
She met major developers, small businesses, academics and apprentices at the University’s Factory 2050 which uses the latest technology to build homes.
Ms McVey said she wanted to see a ‘green housing revolution’ in the north of England where the industrial revolution began.
“With our emphasis on safety, quality and beauty, we could be the global leaders in housing standards.
“And if we get it right, once the industry matures it could be worth an estimated £40bn to this country. A new post-Brexit industry.”
Modern methods of construction working group chair, Mark Farmer, agreed the UK had an opportunity to become a world leader in advanced manufacturing of new homes.
“We urgently need to better assure building safety, improve quality, reduce carbon and offer much more consumer choice and protection. These improvements will only be achieved if we fundamentally readdress the way we design and deliver new homes,” he said.