£53 million Housing Bailing For Midlands

The government has approved a £53million bail out of the housing industry in the West Midlands, which includes £12million to buy housebuilders' unsold stock of new homes that have failed to sell in the downturn.

The rest wiil go to the West Midlands National Affordable Housing programme, with some £31million going to the Homes and Communities Agency led scheme.

Regional Minister IanAustin will announce the package at the forthcoming National Housing Federation conference in Villa Park.The move is part of £1billion package of measures from government aiming to retain skills and capacity in the housebuilding sector over the recession.