A SCOTTISH housebuilder has hailed a new £10 million funding package to provide hundreds of "much-needed" new homes.

Social impact investor the Housing Growth Partnership has announced that Briar Homes is to become one of the first UK housebuilders to be supported by its regional growth initiative which forms part of the company’s newly created £300m property fund.   

The fund is a four-year commitment that will see HGP investing up to £10m of equity alongside Briar, targeting new sites for family housing in locations across central Scotland, with particular focus on Glasgow and surrounding commuter belt. 

Colin Bennett, HGP investment director for Scotland, said: “We are delighted to support regional housebuilders like Briar Homes, which have the ambition to provide much-needed new homes and also to give those searching for a new property more options beyond a market dominated so heavily by PLC housebuilders. 

“Our relationship with Briar goes back some years in fact. Being part of the AS Group, a family owned and operated business, we first invested alongside AS Homes in 2016 supporting its entry back into the private development market and they created an incredible location at Broomhouse.”

With the implementation of the funding partnership, HGP aims to support the development of up to a further eight sites and over 400 new homes. 

Paul Kelly, managing director of Briar Homes Ltd, said: “The support we have received by working in partnership with HGP over the past four years is key to our continued growth. We are delighted to be signing up as their first ‘Regional Growth Initiative’ partner in Scotland, with an initial £10m funding commitment over the next four years. This allows us to focus on building high quality, architect-designed homes in sought after locations.    

“The funding partnership is vital to our aim of creating new homes to exacting standards. The first development funded through the RGI of 35 homes at Dealston Road will offer buyers a higher specification as standard and will create a new community within the popular town of Barrhead.”    

Mr Bennett also said: “Briar’s focus on high quality, good value homes epitomises the value that small and medium-sized housebuilders bring to their local communities.  

“Our joint discussions around how HGP could better support their plans for the future helped us shape the RGI as a proposition, and we are delighted to be providing long-term support to the business through the newly created £300m fund.”

It comes as housing in Scotland remains in short supply and over the past three years the numbers of homes constructed across the country has fallen short of the estimated 25,000 new homes needed per annum.