Housing minister Grant Shapps has estimated that the government's £420 million Get Britain Building Fund will create as many as 16,000 new properties on sites which have previously stalled due to economic circumstances.
Furthermore, he believes it will also see the creation of around 30,000 new jobs.
The scheme enables developers to either apply for a loan at commercial rates or they can take an equity release, whereby the government makes an investment alongside the building company.
Mr Shapps was keen to stress the scheme is not merely a government gimmick to create the illusion that they are doing something to help the plight of both first-time buyers and the building trade."This is not a simple handout - the taxpayer will get a return on their investment, with the homes the country needs built and 30,000 jobs created," he said.
Plans for the scheme were originally set out by the prime minister David Cameron in mid-November.
London Property News
Saturday, 7 January 2012
Get Britain Building To Create 16,000 New properties in 2012
