Cost of Palace of Westminster repairs could fund 40,000 new homes

Michael Lloyd

December 10, 2019

The money from planned Palace of Westminster repairs could be used to build thousands of properties and reduce the housing deficit, Pure Commercial Finance has argued.

For £4bn, the estimated cost of essential repairs in Westminster, over 40,000 new properties could be built which would accomodate almost 121,000 people when calculating three people per property.

Ben Lloyd, managing director and co-founder at Pure Commercial Finance, said: “As development finance specialists, we deal with professional developers every day and are well-aware of the demand for affordable housing across the UK and the influence Brexit is having on borrowing.

“Although we would never suggest cancelling the refurbishment of such a prized national monument, we were shocked to see how matching the refurbishment budget could help towards solving the deficit.”

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