UK Housing and Regulation
The National Housing Bank and Greater Manchester agree up to £500m for new homes and regeneration
By Staff Writer | 7 November 2026
An agreement between the Greater Manchester Combined Authority and the National Housing Bank, the public financial institution owned by Homes England, opens the way for investment of up to £500m in housing and mixed-use regeneration schemes alongside the combined authority's Good Growth Fund.
The agreement, announced on 6 November 2026, is described by Homes England as the first of its kind in England. It allows the National Housing Bank to invest up to £500m in projects alongside the Greater Manchester Good Growth Fund, which the combined authority launched a year ago. It opens the door to investment rather than committing money to any particular scheme: every proposal must fit the bank's mandate and pass its standard due diligence, governance and approval processes before funds are provided.
Greater Manchester was the first combined authority to sign a Strategic Place Partnership with Homes England, the government's housing and regeneration agency, and the partners have previously collaborated on Victoria North and in the Stockport Mayoral Development Corporation.
Growth with conditions attached
The Mayor of Greater Manchester, Bev Craig, said the Good Growth Fund was set up to spread the city region's growth to every place, so that no community is left behind, and that new homes, transformed town centres, new businesses and new jobs had followed in its first year. She pointed to the combined authority's Social Contract, under which anyone receiving public money is expected to contribute to local communities through new apprenticeships, work placements and opportunities for local businesses.
Paul Dennett, Deputy Mayor of Greater Manchester and City Mayor of Salford, said the fund is one of the ways the city region is responding to the housing crisis, using public investment to unlock complex sites so that more affordable, energy-efficient and accessible homes can be built more quickly, alongside the transport, services and infrastructure that new communities need. He said investment from the fund is linked to social value expectations, including early-career opportunities, environmental goals and accessibility.
Together we will aim to further accelerate the delivery of the new homes and mixed-use regeneration schemes across Greater Manchester that best work for communities now and in the future across the region.
Simon Century, Chief Executive, National Housing Bank
Each project must still fit the bank's mandate and clear its due diligence, governance and approval processes before money is committed.
The bank's role
The National Housing Bank is a Homes England company that provides finance for housing delivery. Its stated aim is to break down barriers to investment at scale and to speed up the delivery and regeneration of places across England. Mr Century said the agreement draws on national and local expertise and on the bank's earlier collaboration with the Mayor, regional leaders and partners in Greater Manchester.
For developers and contractors bidding for Greater Manchester schemes, the agreement adds a second source of public finance to projects already seeking Good Growth Fund support. The combined authority's social value expectations will travel with its own share of the money.