A Welsh housing association has pledged to build 600 new homes over the next two years, after borrowing £50 million from M&G Investments.

The long term financial deal will bring United Welsh's total housing stock to around 6,000 properties across South Wales.

The deal follows a £30 million loan United Welsh borrowed from M&G last year, through an initiative led by the Welsh Government, when M&G worked with 17 Welsh housing associations to provide £156 million in loans.


Anthony Whittaker, United Welsh Chief Executive, said: "We are delighted that we have been able to negotiate this excellent loan package, which will allow us to continue expanding our housing stock across South Wales.

"There is a real need for high quality affordable housing in South Wales and this funding package means we will be able to provide hundreds of new homes.

"United Welsh prides itself on providing sustainable, high quality homes as well as creating fantastic communities where people are proud to live. This funding will help us continue to make a real difference to people's lives."

(CD/MH)