Housing Corporation moves to finance affordable housing

24-Aug-2005

A new procurement strategy by the Housing Corporation will result in more affordable housing, in a move that will bring hope to many aspiring first time buyers.

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The group has announced that approximately £430 million of public money is to be saved by 2008, allowing 8,000 more homes to be built around the country than would otherwise have been possible.

It is aiming to build over 62,000 reasonably priced houses between 2004 – 2006, spending £3.3 billion of public money, which will provide a well-needed boost for first time buyers looking to get on the first rung of the property ladder.

The Housing Corporation is in addition determined to improve the quality of affordable homes, as chief executive Jon Rouse told ContractJournal.com: "We believe it is possible to have more efficient procurement and higher quality homes.

"We will achieve this by focusing our resources on the best providers who have invested in their supply chains, and are focused on cost reductions and improved design."

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The group has declared that the intention of the new strategy is to "achieve improvements in the quality of new homes and neighbourhoods whilst also increasing the rate of supply".

This will offer encouragement to those trying to get a foothold on the first rung of the property ladder, after it was revealed that a quarter of new homeowners relied on their parents for financial support.


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