Through a new ambition of £5 billion of lending over three years from 1 January 2024 to year-end 2026, the bank is aiming to support the delivery and maintenance of social housing in the UK
NatWest Group has announced a new package of targeted lending and support for UK social housing, intended at supporting local housing authorities and homeowners alike in the face of ongoing economic pressures.
Through a new ambition of £5 billion of lending over three years from 1 January 2024 to year-end 2026, the bank is aiming to support the delivery and maintenance of social housing in the UK, which is vital to the people and families who rely on affordable housing, as well as the broader economy.
As per a recent report by the Centre for Economics and Business Research Cebr, National Housing Federation and Shelter, social homes “are more stable than private renting, as tenancies are secure, leading to better socioeconomic outcomes and increasing rates of employment.”
The report also found that in 2023 there was a net loss of “nearly 12,000 social homes, while 1.3 million households are on a waiting list in England.”
This lending should help the housing associations sector to deliver a pipeline of new homes and improve living conditions in existing properties, thus improving the availability and quality of social housing in the UK. Alongside the construction of new properties, this lending could also help housing associations finance energy efficiency and environmental solutions, such as retrofits, it noted.
Robert Begbie, Chief Executive Officer, Commercial & Institutional Banking, NatWest Group noted: We are proud to be a major lender to the UK social housing sector, which continues to deal with multiple priorities like the demand for new and upgraded housing, and the critical challenges of energy efficiency, fire and tenant safety.
He added: In 2023, we completed nearly £3 billion of new funding to help more people and families have access to housing. We support around 200 housing associations across the UK, and are proud to announce our ambition to provide a further £5 billion in funding to support the housing association sector by the end of 2026.
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