Stewart Milne Homes (SMH) said this week it had secured an additional £13 million from Homes England to accelerate developments south of the border.
This latest funding follows an award of £11.5m two years ago and takes the total number of new homes being delivered by the ongoing partnership between SMH, based in Westhill, Aberdeenshire, and Homes England to nearly 1,000.
SMH will use its fresh cash injection to support housebuilding across eight north-west England developments in Alsager, Broughton, Chester, Congleton, Hooton, Prescot, Warton and Willaston.
The developments feature a balanced mix including affordable homes and are at various stages, with Callenders Green in Prescot due to complete this month and Broughton Park expected to start within weeks.
SMH North West managing director Paul Challinor 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.”
SMH secured the loan from the £3 billion Home Building Fund, which aims to increase the number of new homes being built across England to 300,000 annually.
Mr Challinor said: “Securing the funds is testament to the strong relationship we’ve built with Homes England over a number of years.”
Terry Errington, head of structured real estate finance, Homes England, said: “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.”
SMH establised its north-west England division in 2006 as it sought to tap into opportunities well beyond its Scottish heartland.
Mr Challinor said: “Having experienced rapid growth in the north-west in recent years, we have become a recognised brand in the region, with a reputation for delivering quality, family homes in desirable new communities, with a focus on craftsmanship and very high design specifications.”
