Further funding announced for Housing Growth Partnership

The Chancellor, in his spring budget speech announced that the government will continue to support Home England’s investment in the Housing Growth Partnership (HGP) by committing to a further £60m, which will be matched by Lloyds Banking Group.

Established in 2015, HGP has already committed to deliver c.2,000 homes across 35 sites in the UK by partnering with small and medium-sized builders who cannot easily access development finance.

The combined investment builds on the previous £100m from Lloyds and Homes England and will reportedly help the partners to deliver around £1bn of new homes by summer 2019. It also provides ongoing security to a number of firms for its funding and the opportunity to support more builders across the UK.

Beyond access to funding, the HGP’s partners have reportedly benefitted from 1,500 hours of mentoring to help support sustainable growth in housing delivery.

Andy Hulme, chief executive and head of fund for the Housing Growth Partnership, said: “The announcement of further funding marks another significant milestone in the evolution of the Housing Growth Partnership. This supports our core purpose of accelerating the delivery of homes across the UK through our partnerships with small and mid-sized housebuilders.”

Nick Walkley, chief executive of Homes England, said: “The Housing Growth Partnership shows what is achieved when we partner with the private sector and double the amount of capital available to lend to SMEs, offering excellent value for money for the tax payer.

“Homes England is harnessing Lloyds commercial skills and contacts and our investment capital to provide a new source of funding for SME developers who will then build more than 3,400 new additional homes in England.”

enewsletter