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UK government announces £1 billion house building programme

The UK government has today announced plans for a £1 billion fund to kick-start the many property developments up and down the UK which stalled as the recession took hold. The idea is that up to 20,000 new jobs could be created and around 23,000 new homes introduced to the market. While around 20% of the £1 billion fund available will be dished out in the form of non-repayable grants, the vast majority will be available to those who meet the strict criteria and are able to pay back the funds within five years.

While there is no doubt that potentially we could see tens of thousands of builders return to developments up and down the UK we could also see upwards of 20,000 homes come onto the market at a time when demand is limited and finance is difficult to obtain. There is also the subject of the criteria which many believe will be so strict that only the strongest companies will be able to apply thereby effectively reducing the impact it will have in the wider market place.

Even though construction is a vital area of the UK economy, and will be highly visible as the recession comes to an end, without increased liquidity in the financial markets what is the point of building in excess of 20,000 new homes?

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