Housing minister Grant Shapps has launched a ‘Build Now, Pay Later’ deal to get work started on thousands of new homes without builders and developers facing the expense of buying the land up front.
He has announced the details of the first sites to be made available under this initiative designed to allow house builders to pay for the land after they have started work on the new homes.
The Homes and Communities Agency has led the way by offering the first six sites for development. These could result in as many as 3,000 new homes being built.
The Government has estimated that up to 40 per cent of land suitable for housing development - as much as 7,500 hectares - is "sitting idle" in public sector land banks.
Shapps said: "These will be the first of many sites as all Government departments will now be asked to make land available for house building and, crucially, will be held accountable for the homes built and jobs supported through this.”
Pat Ritchie, chief executive at the HCA, said: "We are leading the way by making more land available for development through a range of options that will help developers get on site more quickly and help communities access the homes, amenities and public space needed in their local area.”
The six sites being released by the Homes and Communities Agency are at Basingstoke, Hemel Hempstead, Northampton, and Rushcliffe in Nottinghamshire, Telford and in Tower Hamlets, London.
7 April 2011