20th August 2014
Large-scale housing projects to benefit from government funding
Is your construction business prepared to capitalise on government-backed boosts to the housing construction industry?
The first large-scale housing projects to receiving a share of a £850 million sum of money put aside by the government to accelerate housing construction have recently been announced. Altogether, the government has earmarked a total of £1 billion to help in the construction of over 200,000 new homes. Each of the 36 projects, which are located all over the country, is required to build at least 1,500 homes. Many of the projects (such as the Greenwich Peninsula in southeast London which will be constructing 10,000 homes) will be building many more than this. On account of their scale, each project will also help to ensure increased investment in schools, roads and green spaces.
The £850 million will be shared out in the form of long-term loans with interest. The funds will be accessible from 2015 to 2020, but before they can be accessed each project will first be required to go through a stringent due diligence audit. In offering these loans to large-scale housing projects, the government not only hopes to be able to continue to boost the housing construction sector but also to increase both home ownership and investment in the private rented sector.
What does this mean for Integrity construction accounting software users? Since our construction industry software is designed exclusively for industry professionals, its contract costing and accounting functions perfectly place users to capitalise on boosts to the housing industry. If you’re still using generic accounting software but would like to find out more about how construction industry-specific software could benefit your business, then contact us or request a demo today.
The latest New Housing Pipeline Report provides more evidence that the construction industry is recovering.
The government has announced 39 Growth Deals worth a total of £6 billion. The first wave of such Growth Deals, the funding will be spread throughout the UK’s regions and used for infrastructure, construction and a variety of other projects.