Glasgow-based housebuilder Briar Homes secures seven-figure backing to build 310 green homes in west of Scotland

Move comes amid much-publicised Scottish housing shortage.

More than 300 eco-friendly homes are to be built across four developments in the west of Scotland on the back of a private housebuilder securing a seven-figure funding boost.

Glasgow-based, family-run Briar Homes is looking to develop the initial pipeline of 310 “highly efficient" properties (including 66 classified as affordable) after securing £7.3 million – comprising a £5m revolving credit facility from Bank of Scotland and £2.3m of equity from Housing Growth Partnership (HGP). The equity provided is part of a wider £14m commitment between Briar Homes, a subsidiary of AS Homes (Scotland), and HGP, an investor backed by the lender’s owner Lloyds Banking Group to help address housing affordability.

Hide Ad
Hide Ad

The funds will be used to speed up work in Howwood, Wishaw & Garthamlock, with further sites already identified at Barrhead, Gladsmuir and Kennoway. Construction has already started on ten four-bedroom family homes in Howwood, with a further 22 private properties deemed suitable for first-time buyers at Tillycairn, Garthamlock, also under way. Work will soon begin at a further 27 private homes, again suitable for first-time buyers, and 45 affordable homes will also shortly commence in Newmains, Wishaw.

The 310 new energy-efficient homes will be built across three developments. Picture: contributed.The 310 new energy-efficient homes will be built across three developments. Picture: contributed.
The 310 new energy-efficient homes will be built across three developments. Picture: contributed.

At Barrhead, the developer is looking to build 39 homes designed for families, while Gladsmuir, near Haddington, will comprise 27 private and seven affordable homes aimed at families and retirement downsizers. Kennoway is a “substantially larger” site in Fife where the developer is looking to deliver 140 homes to undersupplied first-time buyers and families.

Briar Homes MD Paul Kelly said: “Addressing the Scottish housing market’s supply and affordability challenges remains a key priority for Briar Homes, but we can’t do it alone.” He added that the new funding boost “provides us with exactly the financing springboard needed to accelerate a range of much-needed new homes across the country”, and also said: “The facilities aren’t just financially supportive – they also provide certainty and a clear vision to our business as we look to continue to work with our local authority partners through the planning process.”

Graeme Steel of Bank of Scotland said: “We aspire to contribute to a society in which all households have access to affordable, safe, and sustainable homes in places they want to live. The housing market issues are well documented and we are committed to supporting developers delivering more quality housing across Scotland of all tenures.”

Also commenting was HGP investment director Colin Bennett, who said: “Briar Homes are a trusted long-term partner of HGP, and we are delighted to continue to support the business growth plans through our Regional Growth Initiative, which enables HGP to support both Briar’s current sites and those coming through its planning pipeline.”

Meanwhile, new analysis by property firm DJ Alexander has found that the number of all sector newbuild starts in Scotland fell by almost a quarter between 2022 and 2023 to 16,017, the lowest figure in a decade. DJ Alexander Scotland chief executive David Alexander said: “These figures are deeply concerning at a time when four Scottish local authorities have declared housing emergencies, and when demand has never been higher. If the future supply is curtailed further, there can only be one outcome – which is greater demand, leading to much greater rises in prices as the market struggles to increase supply.”

Related topics:



Want to join the conversation? Please or to comment on this article.