Buy ups must fit in with plans
DEVELOPERS stuck with hundreds of unsold homes in the Tees Valley have offloaded only a small number for social housing under a government-backed scheme.
Fabrick Housing Group confirmed it had bought a ‘limited’ amount of homes from developers who were unable to sell when the mortgage market was choked off.
Fabrick’s director of development and regeneration, Martin Hawthorne, said: “We have had offers from builders for housing stock they haven’t been able to sell. We have bought a small number where they fit in with our plans.”
A £300m Government packagewas intended to help companies move stock off their books and boost Britain’s chronic shortage of affordable homes.
The Home Builders’ Federation said the scheme wasn’t a bail out.
Social housing development is directly affected by a drop in private sales. Many developers are tied into agreements with planning authorities to build affordable properties alongside private homes. In a buoyant market, funds from the sale of private housing stock are used by the developers to fund social housing.
