Councils struggling to attract private developers to regeneration areas are to be helped by a new subsidy
Deputy prime minister John Prescott said he will press ahead with a scheme to bridge the gap in areas where homes would sell for less than the cost of building them.

The scheme has been approved by the European Commission, which in 2000 called in an English Partnerships scheme to regenerate brownfield land because it was felt to breach competition rules.

But Prescott signalled his intention of fighting for the scheme.

His stance was welcomed by Bolton council. Research and development manager Nick Moule said: "This has been a big blockage to urban regeneration for many councils. The new funding gels well with market renewal and the need to stimulate the private market. We welcome any real incentive to build for sale in the North, where markets are depressed."

Source

Housing Today