£83 million backing for first time buyers

Housing Minister John Healey has today announced £83 million to get building over 5,700 new and affordable homes stalled by the recession back on track.

Low cost homes for sale on sites across every region of the country are getting support today so more families can take their first step onto the housing ladder through the Government's HomeBuy scheme – which has already helped over 130,000 families buy their first home.

Crucially this cash will also get struggling housebuilders building homes again safeguarding over 1,700 jobs.

Because Mr Healey has made it a requirement that those receiving funding must provide apprenticeships and opportunities for local workers, today's cash will give 99 additional young people the chance to learn the building trade.

The Minister has already given 141 projects mothballed by the recession cash to get back on track and workers are back on site on many of these. Today's extra funding means nearly 5,700 homes are now going ahead and 1,700 jobs in the construction have been safeguarded – at a time when the industry needs all the help it can get.

Developers receiving cash today have committed to get workers back on site by this time next year, with almost a quarter saying they'll have workers back on site by the end of the month.

This support is not a handout though and comes on tough terms, with much of the money expected to be repaid within five years. Developers have also had to pass stringent value for money assessments carried out by the Homes and Communities Agency (HCA) to prove that each taxpayer pound is well spent.

As part of the Government's drive to make new homes cleaner and greener, priority has been given to those schemes which are set to meet high environmental standards, with the overwhelming majority of successful schemes meeting at least Level 3 of the Code for Sustainable Homes.