In response to the increased need for new homes across the country, the Government has pledged to match the £50 million promised by Lloyds Banking Group.
This is something that Lloyd’s have welcomed with great support as it is predicted to double the capability of support to SME House builders. Andrew Bester, Group Director and Chief Executive, commercial banking at Lloyds Banking Group believes that the supply and affordability of this industry is one of the biggest issues Britain is currently facing. Bester stated “It [the funding] will provide SME house builders with much needed equity to support residential development projects, to stimulate growth in their businesses and facilitate access to conventional property development finance.”
The Federation of Master Builders (FMB) has estimated that if funding was improved and additional 20,000 homes per year could be built. This incredible amount is testament to the significant impact to the state of the housing market here in the UK.
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