£150m Loan Deal to Speed Up New Homes

HOMES ENGLAND and Barclays have agreed £155.3 million of loan funding to accelerate the construction of UK housing.

The loans, worth £155.3m, are the first deals to be agreed under the £1bn Housing Delivery Fund.

Housing Minister MP will today announce that the government’s housing accelerator, Homes England, and Barclays have agreed £155.3 million of loan funding to accelerate the construction of hundreds of new homes in Wimbledon and Southampton.

The news was announced during Housing Minister, Kit Malthouse’s keynote speech at the Chartered Institute of Housing’s 2019 conference in Manchester on Tuesday 25 June.

£150m Loan Deal

In Wimbledon, £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 bring forward 604 apartments on the hybrid residential-led scheme at the former Wimbledon Greyhound Stadium site in Plough Lane. This sophisticated, mixed-use development will also include commercial space, improved public realm and a new sports stadium delivered by AFC Wimbledon.

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 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.

Minister of State for Housing, Kit Malthouse MP, 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.”