The National Housing Bank is unlocking £35 million to drive the creation of around 2,500 new homes across three key locations in England - Salford, Bromley, and Ludlow.
In Greater Manchester, a significant £14 million infrastructure loan will be directed towards the Middlewood Locks development in Salford, a major regeneration project aiming to deliver up to 1,900 new homes. Meanwhile, in Orpington, Bromley, Tikehau Capital will receive an £10 million infrastructure loan to support the redevelopment of the Walnuts Shopping Centre - a crucial component of the town centre's revamp.
In Shropshire, Ludlow is set to benefit from an £11 million development finance loan for Pickstock Homes, allowing nearly 90 new homes to be created. This deal follows previous backing from Homes England for Pickstock Homes, which saw the delivery of 140 family homes in two earlier phases of the development.
The Chief Executive Officer of the National Housing Bank, Simon Century, has praised these deals as a demonstration of the bank's diverse offering and speed of operation, with a focus on facilitating homes and regeneration nationwide. The government-backed institution aims to invest up to £16 billion over the next decade through various financial products, attracting over £50 billion in private capital to foster stronger communities.
The UK property market continues to face challenges, with average house prices showing varied movements. Halifax's February data reported a 0.3% monthly dip, while Rightmove's March figures indicated an increase of 1.5% month-on-month, reaching £368,118, with properties taking 71 days to sell on average.
Mortgage rates have fluctuated, impacting affordability for prospective buyers. Schemes like Help to Buy have been crucial for first-time buyers, though now closed for new applications, while stamp duty thresholds remain a significant factor in purchasing decisions. This £35 million injection aims to alleviate some of the pressure on the market.
Homes England's role in supporting these projects highlights its commitment to addressing regional housing needs and driving regeneration across the country.