Over 275,000 units of affordable housing to be built in England for 5 years

Thousands of new homes will be built under a new project to create unique project of a garden city in England.

The project started in 2010 and now the pace of construction reached its highest level.

It will be a garden city in the town of Bicester, where it will build about 13,000 new housing units and 10,000 new housing units in the city Nordstom in Cambridgeshire.

Also announced that in the period from 2015 to 2020 will be allocated the surplus land to for the construction of 150,000 new apartments on the territory of the Barking Riverside site in East London, and 7500 new apartments will be commissioned within the framework of the restructuring of Brent Cross.

The government also announced its plans to provide 275000 new housing units for the period from 2015 to 2020. This is the highest pace of construction of affordable housing in England over the last two decades.

The situation with affordable real estate in England and Wales is very complex, hundreds of thousands of families are forced to live in the rented sector, unable to accumulate the money even for an initial Deposit to get a mortgage due to the ever increasing housing prices.

The first four construction companies that won the right to participate in the project, will begin in 2015 to develop a £150 million allocated for the construction.

Unfolding a Grand, unprecedented pace of construction, the construction industry in the UK is short of skilled workers.

In addition, for the implementation of all government plans for the supply of affordable housing, the pace of construction needs to keep up with mortgage loans that the industry experienced a shortage of funds.

® Alice Morgan 06.12.2014

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