£8 million development finance loan will help SME housebuilder as it seeks to reach its ambitious target to build 10,000 better than net zero homes by 2035.
Homes England has partnered with Greencore Homes, a sustainable housebuilder constructing better than net zero homes, to provide £8 million of funding to support the delivery of Greencore's 42-home scheme, Milton Heights, in Oxfordshire.
The partnership reaffirms Homes England's commitment to aid the delivery of more eco-friendly, low-carbon homes, while enabling Greencore to drive forward its delivery of low-carbon homes, creating climate positive places as it rapidly increases the number of homes it is delivering.
It also marks another significant milestone for Greencore at Milton Heights, where the Deputy Prime Minister, Angela Rayner, recently announced the government's new measures to turbocharge housebuilding for small and medium-sized enterprise (SME) builders.
The finance comes from Homes England's Home Building Fund, which is designed to support SME housebuilders to build more homes, more quickly and to create thriving communities. It also aims to encourage innovative methods of construction in housebuilding like the homes being built by Greencore at Milton Heights.
Currently under construction, Milton Heights will deliver 42 homes in a development that will prioritise increased access to green spaces, as well as safe and considered walking and cycling routes, serving both residents and the broader community.
Designed by HTA Design, the landscape-led scheme enhances the existing setting and incorporates a mix of 27 open market and 15 affordable homes, located just under three miles from Didcot Parkway Station.
Built to Passivhaus standards using Greencore's innovative Biond panels that lock up more carbon than they emit, these homes will target ultra-low embodied carbon overall and a net zero energy balance in occupation. Assembled on site, the panels also enable rapid and efficient construction, accelerating project delivery and directly addressing the UK's housing shortage.
Alongside the existing £45 million equity investment from majority shareholder M&G, this funding will support Greencore as it seeks to reach its ambitious target to build 10,000 better than net zero homes by 2035.
Marcus Ralling, Chief Investments Officer at Homes England, said:
The completion of this £8 million development finance facility is a perfect example of where intervention from Homes England can help to unlock housing delivery by providing financial support for ambitious SME housebuilders like Greencore to build more environmentally friendly and low-carbon homes.
Jon Di-Stefano, CEO of Greencore Homes, said:
This partnership with Homes England represents a pivotal moment for Greencore and our delivery of 42 sustainable homes at Milton Heights. As we continue to drive housing delivery to reach our target of 10,000 homes by 2035, partnerships such as this with Homes England will be essential. We look forward to hopefully working together again in the future, to continue to develop climate positive places together
