The initiative aims to “unlock underutilised land for sustainable housing development” and prioritise the regeneration of previously developed land, protect greenfield land and boost housing supply.
The programme invites developers to apply for financial support for brownfield regeneration projects. This includes the demolition of derelict structures, remediation of contaminated soils, ground stabilisation, treatment of groundwater, and stabilisation and management of ground gas.
It brings together public and private funding so developers can get “essential financial support, extensive land regeneration experience, and deep market insight to unlock underutilised sites”.
Figures suggest that there are around 36,450 brownfield sites across the UK, which could have around 1.23 million to 1.46 million homes if fully remediated and developed. This would be significant in meeting the government’s ambitious target of one-and-a-half million homes.
Regeneration of such sites will also help housing affordability and community revitalisation and is “essential” to the UK’s net zero ambitions.
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The programme will be led by Maslow Capital’s lending solutions division.
Adam Baghdadi, head of lending solutions for the UK and Europe at Maslow Capital, commented: “This programme is a prime example of how the public and private sectors can collaborate to tackle the UK’s housing shortage, unlocking complex sites and accelerating the delivery of new homes.
“Historically, private developers have faced significant challenges in redeveloping brownfield sites due to high clean-up costs and unforeseen geotechnical issues, which can escalate project costs. Through its commitment to driving regeneration, Homes England has been instrumental in overcoming these barriers and unlocking opportunities that might otherwise remain undeveloped.
“Partnering with a government body enables us to deliver a structured funding solution with real impact – one that will not only accelerate the delivery of much-needed, high-quality homes, but also stimulate local economies.”
Nigel Barclay, director of loans at Homes England, added: “This programme is a perfect example of how we are working with the private sector to empower housebuilders and promote a more diverse and resilient housing market, while Maslow Capital’s expertise will help to accelerate brownfield regeneration and build new homes where they are needed most.
“Small and medium-sized housebuilders are critical to delivering new homes, yet they often struggle to access the funding needed to unlock complex sites. The programme aims to address that issue and help to bring forward projects that serve as a blueprint for sustainable development by transforming underused land into new, thriving communities.”
