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Taxpayer bailout for developers

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December 10 2008

Taxpayers money is to be used to shore up so-called “lead developers” in return for providing cheaper accommodation for those in need.

Traditionally housing associations have borne this burden.

However Communities Minister Stewart Maxwell said: “We now face the challenge of maintaining or increasing supply in a turbulent financial climate, associations need to consider whether new approaches would enable them to do even more.”

Developers would be asked to submit investment opportunities to meet community need in their area, successful bidders would be guaranteed funding for five years, provided they met minimum standards.

The consultation coincides with a surprise jump in the number of mortgages taken out in October, 14% more in volume than the previous month.  Although this still constitutes a 52% fall the equivalent period last year.

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