ROYAL Bank of Scotland, part of NatWest Group, has today announced a progress update on its ambition to provide £5 billion in new lending to the UK social housing sector, with the bank confirming £2.8 billion has already been provided up to 31 August 2024.
This progress means the bank has been able to support even more delivery and maintenance of housing within the sector, which is vital to the people and families who rely on social housing, as well as the wider economy.
Royal Bank of Scotland aims to support home building within the sector across the UK, with recent notable projects and partnerships delivered by the bank including a I a £96million loan to Aberdeen-based Grampian Housing Association (GHA) to finance the development of 1,000 new sustainable homes in the region. The loan provides GHA with the necessary flexibility to continue supporting its communities and tenants, where it currently provides services to over 4,000 households.
The bank has also committed to improving the supply chain skills which its customers may need to help drive retrofit projects across the UK, and last year launched a partnership with Supply Chain Sustainability School to help deliver this. This aims to help by sharing knowledge and nurturing the skills needed to retrofit homes and buildings across the UK. This should help raise standards across the industry, as well as boost confidence for those considering investing in retrofit. A regional tour of the school comes to Scotland on October 29.
Paul Thwaite, CEO of NatWest Group, said:
“Put simply, the UK needs more homes. That’s why Royal Bank of Scotland is committed to boosting house building through its strong pipeline of lending to the sector. We’re making good progress, and are ahead of our ambition to provide £5 billion in lending for UK social housing by the end of 2026. This lending will help to deliver more homes, stimulate local economies and provide greater stability to individuals and communities throughout the UK.”