The Government has announced the launch of two new house building guarantee schemes that will provide developers with low-cost loans to allow them to build ‘well-designed’ and ‘commercially viable’ rental properties.
The scheme will offer £10 billion to eligible developers to support the continued improvements and developments to private rented homes and affordable housing. Both the construction of new residential homes and the conversion of commercial space will be supported by the scheme, which will remain in the private rented sector until the loans are paid back.
Up to 15,000 new affordable homes will also be supported, in addition to the existing house-building programmes put forward by the government already.
It’s believed that the housing guarantee schemes will not only provide new homes, and support the growth of rental opportunities, but it will also create jobs too.
For more information about the building guarantee schemes visit: gov.uk/government/news/next-steps-for-10-billion-housing-guarantees