28 Jul

Government pledges to 'help property market out of the recession'

Government pledges to 'help property market out of the recession'

The government yesterday announced plans to use the power of state investment to help the UK's property market through the recession.

Housing minister John Healey revealed that £925 million of funding will be invested in 270 paused development projects across the UK in order to help further the progress of building work on 22,400 homes and create 20,000 jobs.

Mr Healey said that around 8,600 of these properties would be for low-cost rent or ownership and that two-thirds would be built to high environmental standards in a bid to reduce CO2 emissions.

"This is not a handout to developers," he said. "There are tough terms to this deal including repayment of loans within five years."

Only builders who accept realistic current market price values for their land will be eligible to participate.

In related news, Little House Company director Jane Marr said last week that the property market is still a place for buyers rather than sellers.

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