Date added: 24 November 2011
The Government's new housing strategy, launched by the Prime Minister on Monday, includes the commitment to a £30 million self build fund intended to provide short term finance for self build projects.
'Laying the foundations: A Housing Strategy for England' sets out the Government's plans to 'reignite the housing market' and has been covered extensively in the media this week.
As well as accelerating the release of public land and contributing to an information and support campaign, the inclusion of a 'finance pot' is another part of the Government's commitment to making self build a mainstream and affordable housing option in-line with the recommendations of the Government/Industry Action Plan produced earlier in the year.
The £30 million fund is designed to provide repayable loans as a bridging facility to assist group self build projects in their early stages, at a point when it is notoriously difficult to secure traditional finance. It is hoped this boost will help get more projects off the ground. Details of the scheme are set to be published early in 2012 following further consultations with local authorities and organisations in the sector.
The strategy reiterates the benefits of increasing the number of self build projects and highlights the success of schemes in other countries such as the 100 hectare self build zone in the town of Almere, Netherlands which provides an excellent model for a large scale, low cost and sustainable self build scheme.
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