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Plans to boost house-building sector

Deputy Prime Minister Nick Clegg has announced the Government’s intention to facilitate large-scale housing development to revive the UK house-building sector, through the creation of “Garden Cities and Suburbs for the 21st Century”.

He has also unveiled a further £225m of government funding for the completion of large-scale housing developments that have stalled during the recession, which should deliver over 48,000 new homes.

Mike Quinton, Chief Executive at NHBC, said:

“Our figures show there is still an urgent need for new homes, with little increase in the number of homes being built this year. We therefore welcome the Deputy Prime Minister’s announcement that more, targeted support is coming to an ailing industry, particularly the £225m funding to unlock 48,600 new homes. The plan to create new Garden Cities and large-scale housing is bold, but at its heart lies a commitment to increase the number of homes being built, and we look forward to hearing more.

“The Government has in the last year announced a variety of measures to stimulate the market. Some of these – including the NewBuy scheme, the FirstBuy extension and Funding for Lending – do anecdotally seem to be having a positive effect. It is now vital that this level of dedicated support from Government is sustained and we therefore hope that a long term commitment to housing is reflected in next month’s Autumn Statement and beyond.”