28
Jul
Government pledges to 'help property market out of the recession'
The government yesterday announced plans to use the power of state
investment to help the UK's property market through the
recession.
Housing minister John Healey revealed that £925 million of
funding will be invested in 270 paused development projects across
the UK in order to help further the progress of building work on
22,400 homes and create 20,000 jobs.
Mr Healey said that around 8,600 of these properties would be for
low-cost rent or ownership and that two-thirds would be built to
high environmental standards in a bid to reduce CO2
emissions.
"This is not a handout to developers," he said. "There are tough
terms to this deal including repayment of loans within five
years."
Only builders who accept realistic current market price values for
their land will be eligible to participate.
In related news, Little House Company director Jane Marr said last
week that the property market is still a place for buyers rather
than sellers.
