|
Getting your Trinity Audio player ready...
|
Introduction
According to recent data from Zoopla, the UK property market has seen sales levels reach its highest level in October 2024 since 2020. Sales figures have been recorded that have not been since the 2020 property boom spurred on by the pandemic. Sales of houses are up by 26% year-on-year and this also means that there is a major demand for new build homes for buyers as the current supply of housing cannot meet demand.
With this in mind, it is a positive time for developers looking to build and update both residential and commercial properties. However, according to the latest Federation of Master Builders State of Trade Survey Q2 there are still a number of challenges in place for those in the industry, which especially affect small and medium sized building companies. These challenges include rising costs for raw materials, which 64% of survey respondents had experienced and 43% of those surveyed cited a shortage of skilled tradespeople as a reason for job delays.
Given the clear opportunities in the sector at the moment and some of the challenges that need to be overcome, one potential route to securing successful construction work is to apply for property development grants. The main providers are the UK Government, devolved Governments and local authorities looking to boost property development activity in their area.
What Are Some Of the Latest UK Property Development Grants Available?
i) Property Development Fund
Carmarthenshire County Council is providing financial assistance for the construction, expansion or refurbishment of buildings for industrial/commercial use with the primary aim of creating capacity for employment in the local area. Grants worth up to £750,000 are available.
Application Deadline: 11 February 2025
ii) Leasing Scheme Wales
The Welsh Government is providing a scheme where property owners can apply to lease residential properties to their local authority. The scheme includes a grant to renovate and bring properties up to an agreed standard and to increase the EPC rating to level C, with a higher amount being available for empty properties. Funding up to £25,000 is currently available per property.
Application Deadline: Applications are invited on an ongoing basis
iii) Property Flood Resilience 2024 Grant Scheme
Herefordshire Council is providing funding for businesses whose premises and for homes that were damaged by flood waters earlier this year to apply for funding towards the cost of improvement measures to help make their property more resilient to future flooding. Funding up to £5,000 is available.
Application Deadline: 30th June 2025
iv) Transforming Towns Programme – Town Centre Upper Floor Residential Units in Town Centres
Bridgend County Borough Council is providing freeholders, property owners, sole traders and businesses with funding to convert vacant floor-space on upper floors of their premises into new residential accommodation. Funding up to £250,000 is available.
Application Deadline: Applications are invited on an ongoing basis
v) Newhaven Sites and Empty Property Fund
Newhaven Enterprise Zone is providing businesses and landowners located in the BN9 Postcode with access to funding to support feasibility studies, masterplans, site investigations, pre-planning and business case development to support the case for commercial sites that have remained undeveloped for over twelve months to help raise additional finance. Grants worth up to £25,000 are available.
Application Deadline: Applications are invited on an ongoing basis
vi) Grants for Property Repairs
Glasgow City Council is providing grants for landlords and commercial proprietors to undertake repair works for their properties in the local area. Private landlords and commercial proprietors are eligible for up to 50% of repair costs as a grant to make essential repairs.
Application Deadline: Applications are invited on an ongoing basis
vii) Property Investment Grant
Bournemouth, Christchurch and Poole Council is providing grants for landlords to undertake eligible renovation works for their residential properties and then to rent them out to council-nominated tenants. Grants up to £3,000 are currently available.
Application Deadline: Applications are invited on an ongoing basis
viii) Guisborough Commercial Grant Scheme
Redcar and Cleveland Borough Council is providing funding for Business owners in Guisborough based in Bakehouse Square, Chaloner Street, Chaloner Mews, Market Place, Westgate, Bow Street and Fountain Street to renovate their properties to bring them back in line with heritage standards.
Application Deadline: Applications are invited on an ongoing basis
How To Apply For Property Development Grant Schemes
Full details about how to apply for schemes and the eligibility criteria is available on each individual scheme page on the relevant website. Any deadlines, who can apply and what eligible costs the grants will cover will also be outlined on these pages. Interested businesses, developers and landlords can speak to grant advisors based at each provider who can guide them through requirements and eligibility criteria to see if the relevant funding is a match with their needs and help them to apply. There are also application forms and other supporting guidance available on scheme pages as well.
Want To Find The Latest UK Property Development Funding Opportunities?
If you want to see the full set of UK property development funding currently available, please visit https://getbusinessgrants.com/
