'Transformational' deal will see 5,000 new low cost homes built after WDH secures £520m funding

More than 5,000 new homes will be built after a housing provider secured more than half-a-billion pounds of funding.

By Holly Gittins
Monday, 22nd June 2020, 4:45 pm
Updated Monday, 22nd June 2020, 5:46 pm
Social landlord WDH hope that the new investment will allow them to build more than 5,000 new low cost houses, as well as invest in improvements in existing homes.
Social landlord WDH hope that the new investment will allow them to build more than 5,000 new low cost houses, as well as invest in improvements in existing homes.

Social landlord WDH hope that the new investment will allow them to build more than 5,000 new low cost houses, as well as invest in improvements in existing homes.

The £520 million funding deal has been secured with help of partners Royal Bank of Scotland, Santander and The Housing Finance Corporation.

Andrew Wallhead, WDH’s Chief Executive, said: “This agreement will enable us to realise our ambitions to deliver more homes and change lives. At WDH we do much more than provide houses for people to live in. We invest significant amounts into programmes and services that support the health and wellbeing of our tenants and create confident communities where tenants have the opportunity to shape services and drive improvements.

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"The funding will enable us to deliver our recently launched Business Strategy which was developed with input from all of our stakeholders, most importantly our tenants. We couldn’t have got this deal over the line, without the support and partnership working from all involved.

“This deal is transformational for us. With the support of our banking partners, we are now able to provide double the number of new homes we had planned before the deal was signed.

"The deal has afforded us freedom to respond to the changing landscape, the opportunity to grow our housing stock in line with the expectations of the Regulator of Social Housing and will enable us to deliver on our value for money promises to tenants, reinvesting in projects that generate a significant social return on investment.”

WDH, who are based in Castleford, already own more than 32,000 properties in Yorkshire and the Humber, and provide support services to thousands of customers.

David Horne, Director, Housing Finance, Real Estate Finance at Royal Bank of Scotland, said: “The importance, need and difference good quality housing stock can provide has never been more acute. WDH is a long standing customer of the Royal Bank of Scotland and we are delighted to be working with the organisation to help realise its strategic ambitions for Yorkshire and Humber.

“This partnership will help deliver affordable homes for thousands of families across the region and make a real difference to individuals and communities for years to come.

"It is really satisfying to be able to successfully complete the refinancing, which will see our funding support for WDH significantly increase and help provide much needed flexibility to the housing association going forward, particularly given the unprecedented times we all find ourselves in.”