Government earmark £1bn for large-scale housing projects

29 Apr 2015

Each of the projects are to receive a share of a £850 million sum of money put aside by the government to accelerate housing.

The government hopes further investment will continue to boost the housing construction sector.

The projects are required to build at least 1,500 homes across the UK.

Many of the projects are expected to build more than the pre-requisite requirement. Greenwich Peninsula, based in southeast London, for instance, will be constructing 10,000 homes.

In total, the government has has earmarked £1 billion to help with the construction of over 200,000 new homes.

Each project will also help to ensure increased investment in schools, roads and green spaces.

Long-term loan scheme

The £850 million funding will be shared out in the form of long-term loans with interest accessible from 2015 to 2020.

Projects will be required to undertake a compulsary due diligence audit before being allowed access to the funding.

The government hopes that by offering these loans to large-scale housing projects it will continue to boost the housing construction sector whilst increasing both home ownership and investment in the private rented sector.

Integrity Software Systems

Increased investment in the housing industry is certain to peak interest in Integrity’s construction accounting software.

Designed exclusively for construction industry professionals, Integrity has stated that its contract costing and accounting functions will enable users to capitalise on the boosts.

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