THE Government has released figures revealing the amount of New Homes Bonus money local authorities will be receiving in 2016/17.
The New Homes Bonus is a grant paid by central government to local councils for increasing the number of homes and their use. Thurrock has provisionally been awarded Â£3.3million of New Homes Bonus under the scheme which rewards local authorities every time a new house is built. The Bonus is match funded council tax available on all net additions made to housing stock in a local authority area with an added amount for affordable units. The bonus is paid for six years.
Thurrock added 391 homes in the last year, including 83 affordable units. This all adds up to Â£613,000 of New Homes Bonus due on the units added this year, and taking into account the continuing match funding from previous years, Â£3.3million in total in 2016/17.
The New Homes Bonus can be used however the council in question decides and national evidence suggests that a variety of projects use the government cash including development of community assets and leisure facilities, funding of local projects put forward by local groups and parish councils and investment in frontline services which otherwise may have faced reductions.
Thurrock Borough Council will receive the fourth highest level of New Homes Bonus in Essex where 14 local authorities are going to be given Â£36million in total.
Rob Holbrook, Managing Director of local housebuilder Barratt Homes Eastern Counties – which is currently building new homes at Maple Park in Stanford-le-Hope – welcomed the New Homes Bonus announcement.
He said: “The New Homes Bonus is a good way for local communities like Thurrock to get additional benefit from the construction of new homes. On top of the jobs and direct investment that come when we build the homes the area needs, this Government funding can help to pay for much needed services and local facilities.”
Barratt Homes Eastern Counties has been awarded the maximum five-star official rating from the Home Builders Federation (HBF) for the sixth year in a row. The news was announced after more than 20,000 new homebuyers across the country took part in this year’s HBF customer satisfaction survey.