Barclays has revealed plans to launch a £1 billion housing development fund to help build thousands of new homes across England.

In partnership with the UK Government, the bank will provide loans ranging from £5 million to £100 million to developers and house builders who are able to demonstrate the necessary experience and track record to undertake and complete their proposed project. Of the £1bn fund, Barclays is providing £875m and Homes England, the Government's national housing agency, will contribute £125m.

The Housing Delivery Fund will also support SME businesses to develop homes for rent or sale including social housing, retirement living and the private rented sector, whilst also supporting innovation in the model of delivery such as brownfield land and urban regeneration projects.

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The initiative will help deliver on the Government's plan to build 300,000 new homes a year by the mid-2020s.

Housing Secretary Rt Hon James Brokenshire MP, said: "My priority as Housing Secretary is to get Britain building the homes our country needs. This new fund - partnering Homes England with Barclays - is a further important step by giving smaller builders access to the finance they need to get housing developments off the ground.

"This is a fantastic opportunity to not only get more homes built but also promote new and innovative approaches to construction and design that exist across the housing market."

John McFarlane, Barclays' Chairman, said: "There is a vital need to build more good quality homes across the country. This £1bn fund is about helping to do exactly that by showing firms in the business of house building that the right finance is available for projects that help meet this urgent need.

"We are very pleased to be working with government to get the country building more homes, more quickly."

(LM/CM)