Homes England provides a £1.5m Levelling Up Home Building Fund facility to support the construction of 8 homes in Austwick, North Yorkshire

Homes England is funding a £2.7m development of 8 new-build homes in Austwick, a village located within Ribblesdale, on the edge of The Yorkshire Dales National Park. The scheme is being undertaken by experienced principals who are looking to expand their business with the support of the Levelling Up Home Building Fund.

Homes England was approached by the Borrower after an unsuccessful attempt to gain private sector funding, with Homes England providing a £1.5m loan facility to fund the development.

We are supporting the development of a greenfield site to increase supply in an area where there is a dearth of new build housing developments and a shortage of housing stock, both in Austwick and many of the surrounding Yorkshire Dales Villages. The completed development will incorporate a mix of two affordable shared ownership, and three open market homes, with the remaining three homes containing a principal occupancy condition to support home ownership in the locality.

The development contributes to the following Homes England Strategic Plan KPIs:

KPI 3 - Number of jobs created.

KPI 6 - Total number of housing completions directly supported.

KPI 7 - Total housing capacity of land unlocked by Homes England intervention.

KPI 9 - Share of supported completions by low and medium volume builders.

KPI 10 - Share of supported completions using Modern Methods of Construction (MMC).

KPI 11 - Total value of private sector funds leveraged through Homes England’s support.

KPI 12 - Share of supported schemes that meet or exceed the agreed standards for design quality.

KPI 13 - Building performance share of supported completions that are EPC rating B or above.

KPI 14 - Average percentage biodiversity net gain planned on supported schemes.

With the facility now in place, the Borrower has been able to commence works on site. Key funding metrics below:

Borrower - SME Developer based in North Yorkshire

Loan Facility - £1.5m

Recycled Funding - £21k

Loan Term - 23 months

Total Funding to Cost - 70%

Total Funding to GDV - 62%

We are committed to supporting SMEs through the Levelling Up Home Building Fund. For more information, please contact me at Daniel.King@homesengland.gov.uk or call 07970 297 709.