The FINANCIAL -- Barclays announces that it has teamed up with the UK Government to provide £1bn of development finance to help build thousands of new homes across England to help increase the pace and volume of housing provision.
Loans ranging from £5 million to £100 million, which will be competitively priced, are available for developers and house builders who are able to demonstrate the necessary experience and track record to undertake and complete their proposed project. Funding is open to new clients as well as existing Barclays clients, and will put greater emphasis on diversifying the housing market, as at present, almost two-thirds of homes are built by just ten companies.
A key priority of The Housing Delivery Fund is to support small and medium sized businesses to develop homes for rent or sale including social housing, retirement living and the private rented sector, whilst also supporting innovation in the model of delivery such as brownfield land and urban regeneration projects.
This agreement with Barclays forms part of the Government’s wider commitment to increase the pace of housing delivery in England. Ministers have been clear on their ambition to achieve 300,000 new homes a year by the mid-2020s, which follows 217,000 homes built last year, the biggest increase in housing supply in England for almost a decade.