Local builders and developers in Mansfield, Southwell and Newark will be heartened by the news that the government is pledging £5 billion of public money in attempt to boost the house building industry by announcing the launch of the Accelerated Construction Scheme.
What is the Accelerated Construction Scheme?
Vili Chung, Partner and commercial conveyancing lawyer at Tallents Solicitors in Mansfield explains:
The government has announced that £2bn of new public borrowing will be set aside to fund an Accelerated Construction Scheme to make public land with planning permission available to builders.
The remaining £3bn will create a home building scheme to provide loans to stimulate new building projects where tight finances are delaying the build.
The government wants to encourage builders to use more modern and faster building techniques in the hope that they will then be able to build the houses twice as quickly as at the moment and that the subsequent homes will be more affordable.
The UK housing market has been sorely in need of a boost for several years and it is hoped that this new scheme will enable smaller builders, custom builders and developers to contribute to delivering over 25,000 new homes by the government’s target of 2025.
With the increase in home building we’re expecting builders to need access to comprehensive construction legal advice, including help with contracts, terms and conditions, tax and dispute resolution.
At Tallents, we have years of experience in advising our construction clients and providing legal support when it’s needed most.
Please feel free to contact us at Mansfield on 01623 666700; our construction legal experts are on hand to help you make the most of the Accelerated Construction Scheme.