Building work to resume at Bexleyheath housing blocks

30/04/2020 0 Comments

Builders are to return to at a major Bexleyheath development next week after developer Bellway released a statement today.

A number of developers have announced staff are either back on site or will return shortly.

Bellway’s Bexleyheath project will see 518 homes built opposite Cineworld and Lidl.

Taxpayer support

The company is looking to place 75 per cent of staff on furlough which would mean taxpayers funding most wages. This is despite the company seeing profits of £662.6m in its latest financial results as it benefited from government intervention through Help to Buy which rapidly increased profit margins per home for housing developers. This story from The Times shows margins have doubled since the scheme was introduced to an average of £57,000 per home.

Bellway previously claimed it could only provide a low percentage of “affordable” homes at Bexleyheath. Twenty per cent are planned and even “affordable” homes usually require salaries above £30,000 if not more, with a two-bed flat costing £340,995. Despite its name, Help to Buy has conversely helped push prices up, forced greater debt on buyers and over time is limiting the chance of home ownership to more people.

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