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06/12/2018

Developer to get funding allocated in Budget 2018

Words: Laura Edgar
Land transaction tax / Shutterstock_195196565

St. Modwen plc can begin drawing down the funds from its £75 million funding allocated to the firm from the Home Building Fund in Budget 2018.

The cash is to help the developer speed up the installation of infrastructure such as road and schools on a number of its sites. This will in turn enable homes to be delivered more quickly.

Chief executive of Homes England Nick Walkley said: “This type of investment is a key example of how Homes England is stepping in to disrupt the housing market and provide homes for those wanting to get a foot on the housing ladder.

“By equipping medium-sized homebuilders like St Modwen Homes with the resources to speed up construction, we are not just handing them the powers to make homes happen, but also to drive up the quality of new homes.”

One site set to benefit includes St Modwen’s largest residential scheme, Kingsgrove, a new settlement that will total 1,500 homes and also feature sports pitches, open green space and community allotments. It will be located in Wantage, Oxfordshire.

Image credit | Shutterstock

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