A proposal to help property developers fund and sell housing developments has been announced by The Nottingham Building Society (The Nottingham).
With the housing shortage set to be one of the key themes in the run-up to the general election, The Nottingham’s Land and New Homes scheme will help to boost housebuilding by offering experienced property developers in the Midlands the assistance they need in constructing new residential developments.
To this end, the society will not only offer ‘Development Finance’ of between £250,000 and £2.5m to developers, it will also sell all completed properties via its network of Nottingham Estate Agency and Harrison Murray estate agencies.
The latest statistics from the Department for Communities and Local Government reveal that in 2007 there were 219,070 new homes built in the UK, a figure that had dropped to only 141,000 in 2014, with demand massively outstripping supply last year. This issue has been regularly highlighted in the media and has caused much controversy and consternation among the public. To further highlight the crisis in housing supply, the number of new homes built in 1970 was 378,320.
“It’s well known that there are not enough new housing developments being built and that is leading to a serious shortage of homes in some areas,” Simon Taylor, The Nottingham’s Chief Operating Officer, said.
As a mutual society founded over 160 years ago, The Nottingham is dedicated to helping its members to build their own home. Its ethos is to not only help customers save and plan for the future financially but also to help them with home buying - in many cases for the very first time - through its estate agency services.
“It is a natural step forward to support developers in getting their proposed developments off the ground and helping sell those homes once they are built, via our estate agency network,” Simon Taylor added.
“We are looking forward to working alongside developers and playing our part in giving house building a much needed boost.”
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