Sector - Housing

Homes England and Barclays collaborate on loan deals for new homes

27 Jun 19

Homes England and Barclays have teamed up to provide £155.3million in loan deals to deliver new homes in Southampton and Wimbledon.

Kit Malthouse MP announced the collaboration which will provide loan deals for around 660 new homes in Southampton and Wimbledon. The details were announced at the Chartered Institute of Housing’s 2019 conference in Manchester.

The Housing Delivery Fund was set up between the government and Barclays Corporate Banking to provide £1 billion of loan finance to open up the housing market and help small and medium-sized developers to deliver new homes across the country. The loans are among the first to be agreed from the fund that was launched last year.

Kit Malthouse MP, Minister of State for Housing, said: “Upping our game to build more, better and faster is how we are going to meet our ambition of delivering 300,000 homes a year by the middle of the next decade.”

“Innovations are key to unlocking the next generation of homes and our Housing Delivery Fund – a £1 billion partnership between Government and Barclays – is a great example of the new approaches we’re taking to get more homes out the starting blocks.”

“Today I am announcing the first two deals from this partnership, worth £155 million, that will see sites developed into communities that people will be proud to call home.”

In Wimbledon, a total of £150 million will be loaned to Merton Catalyst LLP, a joint venture between housing association Catalyst and developer Galliard. The funding will be used to help bring forward 604 apartments on the hybrid residential-led scheme at the former Wimbledon Greyhound Stadium site in Plough Lane.

In Southampton, Cannon Capital Developments will receive a £5.3 million loan to convert a former commercial building into 56 apartments for private sale in the city’s Ogle Road. The Housing Delivery Fund aims to create more options for affordable housing and provide opportunities for SMEs as well as create housing in regions that need it most.