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Government to spend £1.5bn on new housing

The government has pledged to spend up to £1.5 billion towards 20,000 affordable homes over the next two decades

In a move which is expected to form part of the Labour Party’s manifesto, the Prime Minister Gordon Brown told the House of Commons said the government would deliver 20,000 new affordable homes and 10,000 homes delivered through the private sector.

Responding to the announcement, RICS director of external affairs, Gillian Charlesworth said: ‘With house building levels at record lows and the housing market still depressed, any additional investment in new homes is welcome.

‘If the promised 20,000 homes can be delivered over the next two years this will provide a significant boost to a development industry that is likely to build fewer than 80,000 new homes in 2009.’

She added: ‘This investment will also retain skilled workers in the house building industry by creating up to 45,000 construction industry jobs and help ensure the capacity is in place to react to any upturn in the market. RICS is pleased that Building Britain’s Future recognises the importance of the housing market in underpinning the wider economy and hopes the proposals can help move towards a vibrant and sustainable market in the future.’

The announcement, called Building Britain’s Future also promised a £150 million innovation fund to assist people who had been out of work for a year into work, training or work experience.

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