NatWest Group has announced an updated package of targeted lending and support for UK social housing, aimed at supporting both homeowners and local housing authorities in the face of ongoing economic pressures.
Through a new ambition of £7.5 billion of lending over three years from January 2024 to year-end 2026, the bank is aiming to support the delivery and maintenance of social housing in the UK.
According to a 2024 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.
NatWest's lending aims to 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.
Robert Begbie, CEO of commercial & institutional banking at NatWest Group, said: “NatWest continues to be a leading lender to the UK social housing sector, and we are pleased at being able to increase our lending to the sector as demand continues to grow.
“The sector continues to be a key priority as we aim to help more people and families have access to housing. By further increasing our ambition to provide £7.5 billion in funding by the end of next year, we will continue to drive growth in this important sector, supporting those who need it most.”
