Government Loan To Help Speed Up House Building
St Modwen Properties PLC, a housing developer and regeneration specialist, is this month drawing down on the £75 million in funds provided by a Homes England infrastructure loan.
The funding from the government is designed to accelerate the construction of 13,000 new homes across England in the next seven years.
The firm can use the money from the government to make the process of building new infrastructure, such as roads and schools, quicker, thereby helping it to deliver new homes on larger sites more quickly.
As well as building developments itself, the company will also be selling plots of land to third-party house builders, which is part of the government’s plan to diversify the market. The overall intention is to see homes of a higher quality and with better designs constructed around the country.
Nick Walkley, chief executive of Homes England, said: “By equipping medium-sized house builders like St Modwen Homes with the resources to speed up construction, we are not just handing them the powers to make homes happen, but also to drive up the quality of new homes.”
Earlier this month, the latest IHS Markit/CIPS UK Construction PMI showed that construction output expanded at a solid rate in November. Residential building was found to be the fastest growing sector of the construction industry.
The organisation also pointed out that this is the strongest level of house building activity the UK has seen in three months.
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