Housing Secretary James Brokenshire MP has just confirmed a government partnership with Barclays Bank to provide loan financing valued at £1 billion. The money will be used to assist small builders and developers so that the thousands of new homes that England needs can be delivered more quickly.
Financial support of £5 million to £100 million per firm will be provided to small builders and developers who can prove their experience and dedication to building quality new homes in addition to a good track record of delivering complicated projects on time and within budget.
Homes England, the delivery agency for the government, will oversee the funding, which will emphasise a broader housing market. At present only ten companies build nearly two-thirds of the country’s new homes.
The Housing Delivery Fund will facilitate the construction of new homes, such as rental flats, retirement living, and social housing. It will also encourage more innovation in housing delivery, such as urban regeneration initiatives and brownfield land.