Glasgow-based housebuilder Briar Homes has received a substantial financial boost of £7.3 million from the Bank of Scotland and the Housing Growth Partnership (HGP) to further its housing projects across Scotland. This funding is set to kickstart the development of 310 new homes, which includes 66 affordable units, addressing the urgent need for more housing in the region.

The package consists of a £5 million revolving credit facility provided by the Bank of Scotland and an additional £2.3 million in equity from HGP. This investment forms part of a larger £14 million equity commitment under HGP’s Regional Growth Initiative aimed at supporting regional development.

Construction efforts have already commenced, with projects in Howwood, Wishaw, and Garthamlock underway. Future sites have been identified in Barrhead, Gladsmuir, and Kennoway, indicating the expansive scope of Briar Homes’ development strategy.

The initial phase includes ten four-bedroom family homes in Howwood and 22 homes in Tillycairn, Garthamlock, designed to cater to first-time buyers. Additionally, Newmains, Wishaw will soon see the construction of 27 private homes and 45 affordable units.

Paul Kelly, Managing Director of Briar Homes, emphasised the significance of the financial support in addressing the supply and affordability issues in the Scottish housing market. He expressed gratitude towards the Bank of Scotland and HGP for their vital role in providing the necessary funds and strategic guidance to expedite the development process.

Graeme Steel, Director at Bank of Scotland for real estate and housing, reinforced the bank’s commitment to facilitating accessible, affordable, and sustainable housing solutions in Scotland. The collaborative effort with Briar Homes is part of a broader initiative to support quality housing development across the country.