The Royal Bank of Scotland has announced, through its parent NatWest Group, an updated package of £10 billion of funding to the UK social housing sector before the end of 2028, which when deployed will bring the total funding to social housing in the UK to over £35 billion since 2018.

The bank says it is aiming to support the delivery and maintenance of social housing in the UK and has worked with not-for-profit housing associations across Scotland to support their growth and development plans building homes and communities for many years.

The bank also confirmed it has now provided more than £25 billion of funding into the social housing sector since 2018, helping to create and sustain affordable homes nationwide.

Paul Thwaite, CEO NatWest Group, said: “We are incredibly proud to announce the early achievement of our £7.5 billion UK social housing lending ambition. Delivering this milestone a full year ahead of schedule demonstrates our commitment to making a real difference in people’s lives by investing in the homes and communities that need it most, and shows the demand in the market.

“Reaching this lending ambition early has enabled us to set a new target of £10 billion to year-end 2028, so we can continue to provide social housing lending and play our part in supporting the development and availability of affordable and social rent homes across the UK.”

The announcement forms part of the bank’s new five point Growing Together plan, setting out how the bank will help build the conditions for UK wide growth: backing powerful regions, championing mid-market companies, strengthening the country’s infrastructure and housing foundations, boosting financial confidence amongst families and young people, and supporting the innovators shaping the future economy.

In December, the Royal Bank of Scotland announced £20 million in additional lending to Kingdom Housing Association (KHA) headquartered in Fife. KHA are one of Scotland’s largest registered social landlords and manage over 7,000 homes, providing a wide range of housing, care and support services. The funding will help deliver 170 new energy efficient homes in Fife and Perth and Kinross and builds on existing lending to KHA from the bank which now totals £61 million.