Principality Building Society has today (16th May) announced that it is to provide a fund of £50m help smaller housing developers build homes across Wales.
Principality’s commitment to supporting the Welsh housing agenda follows the recent Affordable Housing Review, with a further £25m to be made available to support smaller housing associations in Wales.
Launching the initiative at the Principality New Build, Jim Brook, Head of the Relationship Team at Principality Building Society Commercial, said that after monitoring the debate around the barriers facing smaller builders, the most prominent is that of a “lack of funding.”
“If collectively we are to deliver on ambitious housing targets, then small to medium developers have a key part – this initiative is aimed at giving heightened awareness of the role which Principality can play in helping them.
“As a mutual building society our purpose is to help people prosper in their homes. We have an experienced team that will help to deliver a consistent service and approach via these initiatives”, he said.
Peter Hughes, Divisional Managing Director Principality Commercial, said: “The demand for the first tranche of the £50m Housing Association pot has been strong across Wales.
“The sector tells us they like the certainty of longer-term funding. As a lender with a strong Welsh identity, we will continue to help deliver the housing agenda in Wales.”
Minister for Housing and Local Government Julie James added: “Supporting SMEs to overcome barriers to building new homes is a key priority for the Welsh Government so we very much welcome lenders such as Principality making this commitment.
“Principality have been longstanding lenders to Housing Associations in Wales and we appreciate their continued support to the sector.”