Construction News

Mon June 21 2021

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Funding secured for Plymouth social housing

24 May Plymouth Community Homes, a social housing landlord, has borrowed £65m to spend on housing construction and maintenance over the next five years.

Porsham Heights, built by Galliford Try Partnerships for PCH
Porsham Heights, built by Galliford Try Partnerships for PCH

Plymouth Community Homes (PCH) is planning to build approximately 1,000 new homes by 2026 after securing funding from NatWest Bank.

PCH will use the £65m loan to grow its existing portfolio of more than 16,000 homes. The majority of the new homes will be let at affordable rent, with shared ownership homes also being developed, in Plymouth and the surrounding areas. It will also enable maintenance needs to be met.

Director of business services Nick Jackson said: “Thanks to the funding from NatWest, we can both expand our portfolio of affordable homes, as well as ensuring we maintain and invest in our existing properties and continue the great services we offer.”

He added: “The interest cover covenants will allow us to undertake the modernisation of our blocks of flats with more flexibility.”

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