Yorkshire Building Society has announced plans to increase lending in social housing by £200 million each year which will boost the trades and create new jobs. 

The building society made the decision to increase lending to housing associations up and down the country for the next five years, paving the way for new employment opportunities in the construction sector.

The society, which won several mandates in 2012 including a £12 million deal to upgrade environmental and heating facilities for 1,800 properties on the Byker estate in Newcastle, has also  taken part in a £14.5m ‘Lending for Leasing’ facility for four new clients.

Head of social housing at Yorkshire Building Society, John Inglesfield, said: “We continue to see a stable and well-managed sector notwithstanding recent changes to the grant and benefit systems.

“As a mutual with the objective of helping our customers into homes, we feel comfortable with working with not for profit housing organisations which also aim to provide the housing people want and need.

“This increased allocation will provide the sector with access to lines of term credit to complement other sources of finance. We hope to work with new customers large and small in lot sizes from £5m to £50m.”

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