UK
Ireland
Scotland
London
Construction News
21/11/2011
PM Unveils Massive Housing Programme
The Prime Minister has revealed the Government's new plan to build 16,000 new homes.
On Monday, David Cameron said the initiative includes a £400m fund, which will go to stalled schemes that are ready - but lack necessary finance.
Building work could begin as early as next July. The Prime Minister and his deputy Nick Clegg are expected to say the plan will create over 32,000 jobs and write in the plan's foreword: "The housing market is one of the biggest victims of the credit crunch: lenders won't lend, so builders can't build and buyers can't buy."
Meanwhile, first-time buyers will be able to borrow up to 95% of the value of the properties, with the government underwriting part of the risk.
The news comes just as new figures reveal that only 121,200 new homes were made available in 2010-11, representing a fall of 6% from the previous year.
Commenting on the plan, Labour's Shadow Communities and Local Government Secretary Hilary Benn, and Jack Dromey, Labour's Shadow Housing Minister, said the Government's housing plans were "failing".
Speaking on Monday morning, Jack Dromey said: "George Osborne is giving back only 10% of last year's £4 billion cut to housing investment to build just 3,200 affordable homes.
"With millions in need of a decent home at a price they can afford, the country is gripped by a growing housing crisis. Despite 127 Government announcements, more than one a week since the coalition took power, their own figures show a 6% fall in new homes and a 10% increase in homelessness.
"Their housing policies are failing and George Osborne's mismanagement of the economy is making things worse, holding back housebuilding.
Hilary Benn said that the average age of first time buyers was projected to rise to 44 and that people needed help getting mortgages.
"Labour has been calling for action on mortgages and a Mortgage Indemnity Guarantee Scheme is an idea first proposed by Labour in Scotland. People are relying on the Government to get this right. It would be yet another false dawn if the scheme artificially raised house prices or further risked the stability of banks."
(DW/BMcC)
On Monday, David Cameron said the initiative includes a £400m fund, which will go to stalled schemes that are ready - but lack necessary finance.
Building work could begin as early as next July. The Prime Minister and his deputy Nick Clegg are expected to say the plan will create over 32,000 jobs and write in the plan's foreword: "The housing market is one of the biggest victims of the credit crunch: lenders won't lend, so builders can't build and buyers can't buy."
Meanwhile, first-time buyers will be able to borrow up to 95% of the value of the properties, with the government underwriting part of the risk.
The news comes just as new figures reveal that only 121,200 new homes were made available in 2010-11, representing a fall of 6% from the previous year.
-- Advertisement --
Commenting on the plan, Labour's Shadow Communities and Local Government Secretary Hilary Benn, and Jack Dromey, Labour's Shadow Housing Minister, said the Government's housing plans were "failing".
Speaking on Monday morning, Jack Dromey said: "George Osborne is giving back only 10% of last year's £4 billion cut to housing investment to build just 3,200 affordable homes.
"With millions in need of a decent home at a price they can afford, the country is gripped by a growing housing crisis. Despite 127 Government announcements, more than one a week since the coalition took power, their own figures show a 6% fall in new homes and a 10% increase in homelessness.
"Their housing policies are failing and George Osborne's mismanagement of the economy is making things worse, holding back housebuilding.
Hilary Benn said that the average age of first time buyers was projected to rise to 44 and that people needed help getting mortgages.
"Labour has been calling for action on mortgages and a Mortgage Indemnity Guarantee Scheme is an idea first proposed by Labour in Scotland. People are relying on the Government to get this right. It would be yet another false dawn if the scheme artificially raised house prices or further risked the stability of banks."
(DW/BMcC)
Latest Construction News
29/01/2025
Caddick Construction has been awarded a £43 million contract to deliver the first phase of Cole Waterhouse's flagship regeneration scheme in Digbeth, Birmingham.
The project, known as Upper Trinity Street, marks a significant step in the area’s transformation.
Spanning 182,986 square feet, the re
29/01/2025
McLaren Construction has been appointed by O&H Properties to deliver the first phase of a £60 million Foster & Partners-designed development at the corner of New Bond Street and Grafton Street in London’s West End.
The seven-storey, 5,400 square metre prime retail and office scheme will feature ret
29/01/2025
GMI Construction Group has been awarded a contract to develop three high-specification warehouse units totalling over 175,000 square feet at Precedent Drive, Milton Keynes.
The £20 million project, commissioned by DV5 Last Mile Developments (UK) Ltd, a joint venture between Coltham and Delancey Re
29/01/2025
Plans for 106 sustainable new homes in Southville, a neighbourhood in South Bristol, have been approved as the city seeks to increase housing delivery to address growing demand.
Top 10 award-winning housebuilder The Hill Group will create a £60 million development on Raleigh Road, on land that was
29/01/2025
Bouygues UK has reached a major milestone in the fourth phase of the Hallsville Quarter regeneration project in Canning Town, London.
The project, part of the £3.7 billion Canning Town and Custom House Regeneration Programme, recently held a topping out ceremony, marking the completion of the 11-s
29/01/2025
Willmott Dixon Interiors is carrying out a significant upgrade to the roof of the National Maritime Museum in Greenwich, one of London's most iconic cultural landmarks.
As part of the £12 million project, the company is installing over 23,000 square feet of sun-protected glazing above the museum’s
29/01/2025
Equans has been appointed by Babergh and Mid Suffolk District Councils to carry out crucial decarbonisation work across the councils' housing stock, using funding secured through the Social Housing Decarbonisation Fund (SHDF).
The councils used the South East Consortium's Zero Carbon Framework to s
29/01/2025
In the world of construction, the quest for energy efficiency and sustainability is ever-evolving. Among the array of solutions available, EPS (Expanded Polystyrene) insulation stands out as a versatile and effective option for enhancing the thermal performance of buildings, particularly when used f
29/01/2025
BCP Council has completed significant coastal protection works at Hamworthy Park, ensuring its resilience against erosion for the next 20 years.
A 200-metre stretch of sea wall along the eastern promenade has been reinforced using low-carbon concrete, while new steps have been constructed to improv
29/01/2025
Geo-environmental consultancy and remediation contractor, The LK Group, has strengthened its team with a trio of recruits.
The multidisciplinary company's latest raft of hires comprises a new director, associate director and remediation manager.
The geo-environmental specialist, headquartered i
