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At least the first bricks are in place

Robert Winfield

As I watched England get trounced last Saturday at the Million Stadium in Cardiff, I started chatting to some chaps who were partying like it was 1999.

I had already worked out they were English, so why the cheery disposition?

It transpired that they were brickies and they had just been informed that they had six years worth of work on sites in Wiltshire.

This huge investment had finally assured them that staying in the trade was the right decision a few years ago and they were slapping themselves on the back with gusto.

On the outside I showed that I was delighted for them, but inside I was wondering how these resales were going to be financed?

You can assume that a percentage will go to Housing Associations and they will be used for letting or shared ownership. The remainder will need to be sold and who is going to buy them as criteria is still extremely tight on new build properties and the NewBuy scheme is good, but limited.

Being optimistic you could think that the developers are buoyed by recent improvements to lending as a result of the Funding for Lending Scheme and confident that when these properties are ready the market will be awash with cash.

Being suspicious you expect conversations have already taken place with the Government before starting these big projects and one of the Government banks will be lending oodles on new build in the very near future. Being pessimistic all you can do is cross your fingers and hope that both the homeowner and buy-to-let criteria on new build improves drastically. Whatever your disposition, this is great news for lots of people and their jobs.

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