In a move to increase housebuilding in the UK, the government’s delivery agency, Homes England*, has partnered with Barclays bank to providing joint funding to small and medium sized housebuilders and property developers.
The new £1bn Housing Delivery Fund is expected to increase the number of homes built across England and speed up the rate at which they are being built in order to meet the Government’s target for 300,000 good quality new homes per year.
The fund will support regeneration projects in urban areas, promote innovative design and construction on brownfield sites, and help to create more affordable housing, rental apartments and retirement accommodation.
Just ten or so companies are responsible for nearly two-thirds of new homes across the country. As such, the Housing Delivery Fund will also open new development opportunities for smaller housebuilders who will be able to access the financing they need to get their developments underway.
Finance ranging from £5m to £100m will be available for developers who can demonstrate that they have the necessary experience and commitment to building excellent new homes – in time and on budget.
Housing Secretary Rt Hon James Brokenshire MP, said, “This new fund – partnering Homes England with Barclays – is a further important step by giving smaller builders access to the finance they need to get housing developments off the ground.”
Chairman of Barclays, John McFarlane, said, “There is a vital need to build more good quality homes across the country. This £1bn fund is about helping to do exactly that by showing firms in the business of house building that the right finance is available for projects that help meet this urgent need.”
*Homes England is the country’s housing and regeneration agency which was set up to deliver new homes across the UK.
