Home Building Fund Announced

The government has created a £3 billion fund aimed at increasing the number of new homes, in a move that will boost self and custom build in England.

The launch of the Home Building Fund will provide £1 billion of short term loan funding – money the government hopes will create 25,000 more homes during the current parliament. Finance can be a barrier, particularly for small builders and innovative schemes – so as well as helping larger developers, the Home Building Fund is also open to small businesses, community and custom builders and regeneration specialists.

In the long term, it will also provide £2 billion funding for infrastructure. This will be used to enable up to 200,000 homes – with an emphasis on developing brownfield land.

Communities Secretary Sajid Javid said, “We want to ensure everyone has a safe and secure place to live and that means we’ve got to build more homes. It is only by building more houses that we will alleviate the financial burden on those who are struggling to manage.”

Communities Secretary @sajidjavid launches £3bn #HomeBuildingFund to get more homes built http://t.co/UtXlWS3ao2 & http://t.co/rSN2alINaM pic.twitter.com/0rg1m4PFox

— DCLG (@CommunitiesUK) 4 October 2016

NaCSBA have been working hard to promote the self and custom build sector to the government, aided by the Department of Communities and Local Government’s support for NaCSBA initiatives.

Mark Stevenson, NaCSBA’s Suppliers & Manufacturers Representative, said: “It is really pleasing to see NACSBA working collaboratively with government to secure the support necessary to grow the custom and self-build sectors. The availability of finance is a key driver of growth and the launch of the new and more flexible Home Builders Fund will not only provide much needed project finance but will also make it easier for members to access funds enabling more homes to be built”.