A new “housing bank” is being established backed by the Government to boost the construction of hundreds of thousands of new houses
The National Housing Bank, a subsidiary of Homes England, will be public property and will act as a consistent partner for the private sector, providing stability and certainty to developers and housing investors, the government said.
The National Housing Bank will be supported with £ 16 billion of financial capacity, in addition to £ 6 billion existing finance to be assigned to this Parliament, to accelerate housing construction and leverage in £ 53 billion or an additional private home, creating jobs and delivered
The new approach will make Homes England, the National Housing and Regeneration Agency, can directly issue government guarantees and have greater autonomy and flexibility to make the long -term investments needed to reform housing and divitter.
With flexible capital and long term, the National Housing Bank can not only act as a consistent partner for the private sector, but also support SMEs with new loan products and will allow developers to unlock large and complex sites of Throgh infrastructure financing.
The Deputy Prime Minister and Secretary of Housing, Angela Rayner, said: “We are changing the course of the housing crisis we inherit, which is fixing the planning system, investing £ 39 billion to offer more social and affordable homes.
“This government is delivering a reform and investing in the renewal of Great Britain through our plan for change. Our foot is firmly in the accelerator when it comes to ensuring that a generation is no longer blocked from housing property does not accommodate, and instead it has the home they sure they deserve.”
The bank will implement some of the £ 2.5 billion in low interest loans announced in the review of expenses to support social and affordable houses.
It is based on an investment of £ 39 billion announced in the review of expenses for a new 10 -year affordable housing program, which is the greatest impulse for investment in social and affordable homes in a generation, supporting our change plan to build our change plan.
This is ahead of the 10 -year infrastructure strategy of the government that will be published tomorrow. The strategy will establish a plan of £ 725 billion to rebuild the United Kingdom in the next decade, gathering for the first time the economic, social and housing infrastructure.
Foreign Minister Rachel Reeves commented: “Our expense review last week delivered the largest cash injection in social housing and affordable in 50 years as we advance in our promise to build 1.5 million homes.
“As part of our change plan, the new National Housing Bank will unlock £ 53 billion or additional private investment, which gives more workers the security of housing ownership and will invest in the renewal of Great Britain.”
The creation of this National Housing Bank, together with the recent review of expenses and other policy ads, is a great boost for housing delivery, according to Paul Rickard, executive director of Pocket Living.
He declared: “We welcome particularly to the recognition of the importance of SME developers, since one of the banks focuses on the focus of the new financing options for SMEs and freedom so that the public and private sector innovates together to deliver their homes. Certain and flexibility and we are delighted that this is now being delivered.”
Stephen Teagle, CEO, Partnerships & Regeneration, Vish Group, added: “This announcement underlines the government’s commitment to use all available tools to boost delivery and address the front housing crisis.
“Establishing the New National Housing Bank as a subsidiary of Homes England will help take the schemes to the rhythm, guarantee alignment with other programs and win traction with developers and investors interested in taking advantage of the investment and boost Mervery.
“Based with the measures of last week, this is additional evidence of a government with an innovative and myopic approach in addressing the years of supplying new homes to build communities for the future.”
