Stewart Milne Homes North West has secured £11.5m from Homes England through the Home Building Fund to allow the delivery of around 500 new homes in the North West with a development value of £125m
The Home Building Fund will enable Stewart Milne Homes to commence new developments in Chester, Prescot, Congleton and Hooton which will help to address the housing crisis.
Working in partnership with Homes England, Stewart Milne Homes North West secured the loan from the new £3bn 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.
A total of 500 units, comprising 125 affordable homes, are planned in these new developments, two of which will get underway immediately with the remainder to follow in the next two 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 forward 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, established in 2006, has doubled the number of units delivered in the North West in the last 12 months and increased its direct workforce 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.”