Government pledges over £1 billion for new homes
Fri 6th February 2015, 10:07 am
Housing minister Brandon Lewis has announced the government will distribute bonuses totalling £1.17 billion among local authorities for building new homes in 2015/16.
Six of the 10 authorities to receive the highest bonuses are London boroughs: Camden, Wandsworth, Lambeth, Greenwich and Newham, with the highest sum to go to Tower Hamlets – £5,359,513.
The "New Homes Bonus" is a reward for every new home built in the area, calculated by measuring the council tax raised by new homes over the past six years.
Lewis said: "In the past councils were penalised for supporting new housebuilding – now, thanks to the New Homes Bonus, those that build are rewarded for it.
"It continues to offer a clear incentive for residents to say 'yes' to new development, on top of the powers we’ve given them to determine where homes get built in their area."
View a full overview of allocations.