South Somerset Homes refinance to build 2500 new homes
21 June 2004

South Somerset Homes have recently refinanced in order to allow them to meet some of the enormous need for more affordable homes in the South West. They are now solely funded by the Nationwide with a fully underwritten £175 million facility to build new homes over the next ten years.

The homes will be procured through Partnership South West, the largest Partnering Programme Agreement (PPA) in the South West, made up of a group of leading south west housing associations (South Somerset Homes, Devon & Cornwall Housing Association, North Devon Homes, Westcountry Housing Association and Ocean Housing). Partnership South West has secured £46 million in funding to build new homes in the next two years.

Many of the homes will be constructed using Space4, the UKs largest producer of off site manufactured construction systems . This innovative approach reduces the total construction time by up to 50% and enables the homes to exceed the Government's latest Building Regulation requirements with outstanding thermal performance.

South Somerset Homes are also in discussions with Frame Homes and Selleck Nicholls who provide off site manufacturing construction systems in the South West.

South Somerset Homes will also partner with Rok and Connaught as main contractors and development consultants Calfordseaden for their ten year programme. Mansells will also work on larger one off schemes.

Geoff Atkinson, Chief Executive at South Somerset Homes said, “These partnerships are just the beginning. We all have the size, wherewithal, resources and capability to make a real difference in the South West and to set new benchmarks.”