Councils Must Take More Risks to Build Homes

Councils are being urged by developers to take more risks with their land to build more new homes.  Though an increasing number of councils are forming partnerships with private developers, more radical steps will need to be taken say property chiefs, who are calling on local authorities to put land into joint venture agreements in order to reduce up front financial outlay for constructors.  Anthony Lee, director of development and residential consulting, at BNP Paribas Real Estate, said: “The credit crunch continues to stifle activity outside of London, meaning finance for schemes is difficult to secure as banks look to rebuild balance sheets. But it is possible to work around that if councils are willing to take on more risk and give up short term gain for longer term benefit.”  Read more on 24dash.