With a General Election just around the corner and all political parties talking about a new homes shortage nationally, The Nottingham Building Society (The Nottingham) has announced a plan to help property developers fund and sell housing developments.
The Nottingham’s Land and New Homes proposition will enable a house building boost by giving experienced property developers in its Central England heartland support in creating new residential developments.
This will involve the Society not only providing Development Finance of between £250,000 and £2.5m* to developers but also selling all completed properties through its network of Nottingham Estate Agency and Harrison Murray estate agencies.
Department for Communities and Local Government statistics show that in 2007 there were 219,070 new homes built in the UK whereas by 2014 the figure had fallen to just 141,000, leaving a well-publicised shortfall in supply and demand. Back in 1970 the number of new homes built was 378,320.
And in research conducted by the Building Societies Association (BSA), nine out of every ten people said they felt more than 10% of the country should be ‘urban’ (housing, gardens, train lines and parks), when in reality just 7% of the UK is.
The Nottingham’s Chief Operating Officer, Simon Taylor, says: “It’s well known that there are not enough new housing developments being built and that is leading to a serious shortage of homes in some areas.
“As a mutual society we started out over 160 years ago helping our members to build their own home. Therefore it’s in our ethos to not only help customers save and plan for the future financially but also to help them with home buying – in many cases for the very first time – through our estate agency services.
“So it is a natural step forward to support developers in getting their proposed developments off the ground and helping sell those homes once they are built, via our estate agency network.
“We are looking forward to working alongside developers and playing our part in giving house building a much needed boost.”
With competitive interest rates and fees, and the support of a team of experts, The Nottingham’s Development Finance initiative is designed to support house builders across the entire development process.