Homes England has granted Stewart Milne Homes North West £11.5m through the Home building Fund to allow 500 brand new homes in the North West to be built with a development value of £125m.
The Home Building Fund will enable Stewart Milne Homes to begin new developments cities such as Chester, Prescot, Congleton and Hooton, which will help to address the housing crisis.
Working in collaboration with Homes England, Stewart Milne Homes North West procured the loan from the new £3bn Home Building Fund. The Home Building Fund aims to increase the number of new homes being built across the country with a target of delivering 300,000 new homes per annum and with 500 of these homes being built in the North West.
A total of 500 units, comprising 125 affordable homes, are planned in these new developments, two of which will go into motion immediately with the remainder to follow in the next couple of months.
Stewart Milne Homes North West is a division of Stewart Milne Group whose chief executive, Glenn Allison, believes the fund is a major step in the right direction in addressing the country’s long-term housing shortfall. He said: “Private, independent developers cannot make the up-front investment required to close the gap between supply and demand quickly enough. This funding will ensure we are able to deliver out-standing new communities for local residents and help deliver the additional housing that is required to meet the UK Governments targets.”
Nigel Barclay, Head of SME Investment at Homes England said: “Stewart Milne Homes are showing real ambition with their plans to build another 500 new homes across the North West including 125 affordable homes across a mix of tenures which will help make a real difference to local people.”
Stewart Milne Homes North West, founded in 2006, has doubled the number of units delivered in the North West over the past year and increased its direct employees in the region from 65 to 85.
Paul Challinor, managing director of Stewart Milne Homes North West, added: “Working with Homes England we will deliver these 500 homes in the next two years. We will also seek to further increase our housebuilding through the acquisition of larger sites in prime residential locations in the North West of England.
“In a short space of time, we have become a recognised brand in the region with a reputation for quality, family homes which are underpinned by our craftsmanship and very high design specifications.”