News Release

Housing Corporation agrees terms with George Wimpey on largest funding award for UK house builder to date

24/07/06       Media Contact: Sandra White 020 7393 2094       ref: 73/06

George Wimpey, one of the country’s leading house builders, has agreed the final terms on a contract to secure funding from the Housing Corporation to build subsidised affordable homes in England. 

The funding award of an initial £31.73m represents the largest award to a house builder under the Corporation’s national investment programme.

It will provide 958 much needed new homes across nine sites in the South East of England.  Several of the grant funded schemes are strategic sites which have the potential to deliver a steady stream of affordable dwellings over the longer term.

Housing Corporation Chief Executive, Jon Rouse, said, “From a standing start a little over a year ago, we have successfully created a new market in the supply of affordable housing. This builds on the successful track record of housing associations in providing good quality housing – while drawing on new sources of expertise and innovation in the commercial sector.

“We see this as the start of a long term relationship with George Wimpey which I hope will see us build many homes together.”

Graeme Dodds, Business Development Director, George Wimpey said: “George Wimpey is a significant player in the innovative new market supplying affordable dwellings. This award recognises not only the quality of our work but also our commitment to the Government agenda of delivering high quality affordable housing.

“As a trusted approved partner we look forward to the opportunity of developing our relationship with the Housing Corporation to enable us to deliver many more affordable homes in the future.”

The signing of the agreement will secure George Wimpey ‘Approved Partner’ status which cements the company’s commitment to the Government’s plan of increasing the supply of high quality affordable housing.

Ends.
 

Note to editors:

Picture Caption
Left to Right
Graeme Dodds, Business Development Director, George Wimpey 
Jon Rouse, Chief Executive, Housing Corporation

• The Housing Corporation is the Government agency responsible for investing in new affordable homes and regulating over 1,500 housing associations across England.  Its biggest ever investment programme of £3.9 billion for 2006-08 will fund 84,000 homes;  49,000 of these will be for affordable rent, and 35,000 will be for affordable sale through the Government's new HomeBuy initiative, helping people to get a foot on the property ladder.
 
• George Wimpey Plc: George Wimpey Plc is a dedicated house builder with operations in the UK and the US building a total of 17,021 homes during 2005.  In the UK, George Wimpey built 12,100 homes in total, including 1,422 affordable new homes.  George Wimpey is fully committed to creating prosperous, inclusive and sustainable new communities and in maximising design, build quality and innovation to help make communities, towns and cities better places to live and work.  The group pride themselves on industry leading standards of health and safety, build quality and customer service and satisfaction.
George Wimpey media contact: 020 7963 6365