propertytalk Live! - Shapps kickstarts local housebuilding revolution

propertytalk Live! - Shapps kickstarts local housebuilding revolution

Housing Minister Grant Shapps has kicked off a local housebuilding revolution where communities who go for growth by building new homes reap the benefits and at the same time deliver a much needed economic boost to their local area.

The Minister announced the first cash bonuses totalling almost £200m for communities building new homes and confirmed final details of how local housebuilding will be transformed through powerful incentives that will encourage local communities to back rather than oppose development - as they get to choose how these building bonuses are spent.

The Government has set aside almost £1bn to kickstart this scheme and ensure those areas that go for growth now benefit now. In the longer term incentives will be funded from Formula Grant and Government expects £1.5bn to be paid to communities annually once the scheme is in full swing.

Through the New Homes Bonus the Government will match the council tax raised from new homes for the first six years. The bonus available for an affordable home will be up to 36 per cent more than for a similar market home, equivalent to an extra £350 per house premium every year. Empty properties brought back into use will also receive the cash bonus for six years.

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