National Housing Bank commits up to £70m to family rental housing fund

The National Housing Bank, a Homes England company, announced on 2 November 2026 that it had committed up to £70 million to a new fund for family rental homes across the UK. According to Homes England, the investment will support the Fiera Real Estate Single Family Housing (FRESH) fund, established by Fiera Real Estate UK Limited and its rental housing platform, Packaged Living Limited.

How the National Housing Bank investment is structured

Homes England said the public commitment comprises a £51 million cornerstone investment and a further £19 million that will become available as the fund grows. Alongside capital from private institutional partners, this gives FRESH £200 million of investment capacity. The headline £70 million therefore includes funding linked to the fund’s expansion, rather than solely the initial investment.

FRESH is an open-ended fund targeting a portfolio worth more than £1 billion, according to the announcement. That figure is an ambition for the portfolio, distinct from the investment capacity secured so far; the release does not report that a portfolio of that value has already been assembled.

The fund will use forward-funding and forward-commitment agreements with developers and housebuilders, Homes England said. Its stated approach is to work with institutional investors and delivery partners to bring forward developments in locations where housing supply is constrained, building a geographically diversified portfolio of newly built, professionally managed family rental homes.

Where the funding fits into housing delivery

The National Housing Bank describes itself as a government-backed public finance institution supporting housing delivery and regeneration across England. Its stated remit is therefore England-focused, while Homes England describes the FRESH fund’s planned portfolio as UK-wide. The announcement does not give a geographical breakdown of the homes to be supported by this investment.

Over the next decade, the bank says it will invest up to £16 billion through debt, equity and guarantees, with an aim of attracting more than £50 billion in private capital. Those are wider institutional plans, not amounts allocated to FRESH. The bank says its role includes providing finance where the market cannot meet delivery needs.

Development funding is being addressed alongside changes to the planning process. The government’s new rules delegating straightforward planning applications to expert officers in England are accompanied by an expansion of an artificial intelligence planning tool trial. Those measures concern the handling of applications, rather than the financing of rental developments covered by the FRESH announcement.

Homes England also operates a separate route for council-led work through the Council Housebuilding Support Fund. Its clarification allows councils outside London to submit one proposal per application window, including work spanning financial years. The FRESH announcement instead concerns an investment fund working with developers, housebuilders and institutional capital.

Why the government and fund partners are backing the model

Angela Rayner, Secretary of State for Housing, Communities and Local Government, presented the commitment as a response to pressure on families from the housing crisis. She said the investment would help bring forward better-quality homes for rent and draw private investment into housebuilding.

Simon Century, chief executive of the National Housing Bank, emphasised the bank’s intended role in attracting institutional money. He said the partnership with Fiera Real Estate and Packaged Living would support a substantial pipeline of family rental homes and help address undersupply in key markets. These are the bank’s expected benefits, rather than reported delivery results.

Charles Allen, head of European real estate at Fiera Real Estate, said the commitment supported the firm’s investment approach and its delivery record with Packaged Living. He identified residential property as one of Fiera’s three preferred sectors, alongside real estate debt and logistics, citing long-term imbalances between supply and demand as part of its rationale.

Ed Ellerington, chief executive of Packaged Living, argued that combining public and private capital could speed up housing delivery. He described institutional single-family rental housing in the UK as a mature asset class and said the company intended to apply its development and operating expertise to delivering sustainable homes. Those assessments are the company’s position, not independent findings in the announcement.

When will the rental homes be delivered?

Homes England’s announcement does not specify a number of homes, individual development sites or dates for construction starts and completions. It also gives no rent levels or tenancy terms. The confirmed milestone is the investment commitment; the release does not provide a dated schedule showing when the planned rental homes will become available to households.