Government pledges money to councils to boost housing supply
The government has revealed that Local councils will be given more money to boost the housing supply and increase the amount of London property available on the market.
Housing and Planning Minister Caroline Flint announced Local councils would receive a share of a new £510 million grant to speed up the delivery of new housing.
Called the Housing and Planning Delivery Grant, the money will provide a direct incentive for councils to ensure that new homes are built where they are needed.
It is also hoped that the money will help the house building industry as it will provide greater long-term certainty that suitable land will be available for development over future years.
"We are determined to continue to do everything possible to promote long-term stability and fairness in the housing market," Ms Flint explained.
She added that the international credit crunch had created short-term problems for the housing market in the country.
"However, the long-term need to provide more homes has not gone away," the minister stressed. "We have a growing and ageing population and will only see worsening affordability unless we increase housing supply."
The grant will be made available to those councils that speed up delivery of new homes and meet local needs.
Published 24th July, 2008
© 2008 Estates IT Limited
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The government has revealed that local councils will be given more money to boost the housing supply and increase the amount of London property available on the market.