Housing association looks to future with plans for private sale homes

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  • 20/06/2016
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Housing association looks to future with plans for private sale homes
Housing association Futures Housing Group has arranged a £147.5m deal that will see it develop more than 1,000 new homes, many of which will be for private sale through a new commercial arm.

The agreement will see loans refinanced from existing partners Newcastle Building Society, RBS and Nationwide Building Society as well as new partner Lloyds Commercial Banking.

The landlord’s biggest-ever housebuilding programme aims to deliver the homes in the midlands by 2020 and a total of £3.5m will be used to directly fund homes for outright sale through new development subsidiary, Limehouse, with profits to be re-invested back into the association.

Ian Skipp, Futures Housing Group’s strategic director of finance, said unlocking the funding is a major step forward for us and the relevant communities.

“It means we can significantly enhance the range of property types we offer to customers, help fund our commercial development plans and contributes to solving the UK housing crisis,” said Skipp.

Earlier this year, the organisation launched its new corporate plan, Inspiring Futures, which outlines its plans for growth in the house building sector.

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