Housebuilder secures £13m funding package to accelerate delivery of new homes

STEWART Milne Homes has revealed the business has secured an additional £13 million from Homes England to accelerate delivery of new properties across its developments in north west England.

The funding announcement, which follows on from a 2018 award of £11.5million, brings the total number of new homes to be delivered by this partnership to almost 1,000.

Stewart Milne said the funding will support the housebuilder in delivering the new homes across eight developments in Alsager, Broughton, Chester, Congleton, Hooton, Prescot, Warton and Willaston.

Working in partnership with Homes England, Stewart Milne Homes secured the loan from the £3 billion Home Building Fund, which aims to increase the number of new homes being built across the country with a target of delivering 300,000 new homes per annum.

Paul Challinor, MD of Stewart Milne Homes North West England said, “The construction industry can play a major role in getting the economy back on its feet after lockdown. It’s crucial in terms of supporting jobs and the supply chain as well as closing the gap between supply and demand for homes. As we emerge from lockdown, private, independent developers, like ourselves, will find it even more challenging to make the up-front investment required to close that gap.

“The Homes England funding enables us to accelerate the delivery of outstanding new communities for local residents and help the UK Government meet its housing targets. Securing the funds is testament to the strong relationship we’ve built with Homes England over a number of years, demonstrates the confidence they place in us to deliver and underlines our commitment to investing in the north west.”

Terry Errington, head of structured real estate finance at Homes England added, “Our relationship with Stewart Milne Group continues to strengthen and we are pleased to advance additional loan funding to deliver much needed open market and affordable homes across the region.  We are supportive of building capacity and productivity in the construction sector, and Stewart Milne Group’s off site manufacturing model is a key element of this focus.”