Government primed for major housing push

Published:  04 September, 2012

LONDON: The government is expected to announce a new strategy to massively increase the volume of UK housebuilding at the end of next week when parliament returns from its summer break.

There has been increasing media speculation in recent weeks that the government is looking at removing the requirement upon private builders to provide affordable housing in order to stimulate the supply of private housing, and is simultaneously looking at providing government backing to housing associations intent on raising money for building affordable.

The government is also considering diverting extra public funding to support the announcement, following requests from private builders for another round of the government’s FirstBuy shared equity scheme according to media reports.

Osborne told BBC ‘s Andrew Marr Show this weekend that the government would encourage councils to allow developers to build on the Green Belt if an equivalent area of land elsewhere was redesignated.

He said the government also had fresh plans to underwrite construction of up to £10bn worth of new homes, including guaranteeing the debt of housing associations and private sector developers.

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