Housing Associations Given Pounds 15m to Buy Up Unsold Homes in Boost to Construction Industry

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Byline: David Williamson

UP TO 300 unsold properties across Wales will be bought by housing associations for use as affordable homes in a pounds 15m initiative announced yesterday by the Assembly Government.

This is part ofapounds 42mresponse to the downturn in the housing market. The money will be used to buy unsold homes and plots from private contractors.

It is intended to boost the construction industry at a time of recession and keep people in jobs.

The funds (see the table, right) will go to registered social landlords, including housing associations.

Jocelyn Davies, the deputy minister for housing, said: "Our aim was to give a vital stimulus to the construction industry, while also helping the most vulnerable families in Wales.

"Housing associations have been given this new money to enable them to make the most of the current economic situation.

"This cash has allowed them to buy unsold homes and plots from private contractors."

The pounds 42m package comes from the Strategic Capital Investment Fund (SCIF).

The slump in the housing market is seen as an opportunity to increase affordable housing stock. …