Minister unveils funding to get stalled sites restarted
Housing minister Mark Prisk has unveiled a new £225 million government fund that will help to get stalled building sites across the country back into action.
Delivered as part of the wider-reaching £474 million Local Infrastructure Fund, which is designed to stimulate economic development across the country, this latest announcement will focus specifically on shovel-ready projects that have fallen by the wayside following a number of years of financial uncertainty in the UK.
Mr Prisk stated: "I'm calling on councils and developers with large-scale, locally supported stalled developments to come forward and make the most of the government help available to get builders back to work and the homes we need built.
"With funding on offer in the form of recoverable loans, this is a win-win for the taxpayer - delivering thousands of homes and getting more bang for our buck."
He added that one site that has already received approval for help through the funding is a £25 million Wokingham development which has stalled as a result of a lack of money to develop transport infrastructure for the creation of up to 2,500 new homes in the town.
Moreover, dozens more sites such as this across the country are now set to see long-called-for activity after years of indecision and delays.
The news follows a recent announcement from the Department for Communities and Local Government that Westminster officials are keen to embrace new methods of house building across the country in the coming years, including off-site construction.
Off-site construction revolves around the process of pre-fabricating the major structural elements of a new building in large factories, before these items are transported to the new home site and assembled.
It is a method of construction which not only reduces costs for developers - and hopefully buyers - but enables faster building and is more ecologically sound.
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