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17/09/2008
HCA finding 'creative ways' to attract private sector support for housing market |
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The credit crunch has hit the housing sector hard and the lack of low cost housing has the Homes and Communities Agency (HCA) thinking of new ways to approach the private sector for support.
Established to attract money and support from the private sector, the HCA is working to achieve the government's target of building three million new homes in Britain by 2020.
According to the Times, the HCA needs to "find creative ways" to achieve their objectives and manage Public Private Partnerships (PPPs) effectively.
Sir Bob Kerslake, head of the HCA said: "We will be putting in substantial public money [approximately £5 billion a year] but alongside that there’s huge private funding. The leverage is often five to one, so their investment, their willingness to take risks and participate in delivery capacity is crucial to the agency.”
There have been suggestions that future investors could build properties which they then rent out directly, creating an incentive for developers to build quality homes.
Following criticism from some developers that planning permission is causing delays, Sir Bob explained that the industry should be careful not to wait for a "wholesale change" in the system.
He explained that the fundamentals of the system are "core to local democracy and local leadership". |
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