Ministry of Housing, Communities & Local Government — Overview 2025–26
National Audit Office
UK public financial bodies
National Housing Bank
Indirectly wholly ownedNational · England
Opened in April 2026 following a March launch announcement, the Homes England subsidiary finances housing and mixed-use regeneration through loans, equity partnerships and guarantees. The October 2026 Budget proposes that it later take responsibility for Your First Home, subject to legal and regulatory changes.
- UK ownership or participation
- 100% owned by Homes England (Homes and Communities Agency)
- Lead department or body
- Ministry of Housing, Communities and Local Government
- UK voting rights
- Sole shareholder: Homes England
- Mandate
- Housing and regeneration finance
UK financial position
A verified value for the UK government’s financial position has not yet been recorded. Institution-level figures are shown separately below.
Accounting values, paid-in capital and funding commitments have different meanings and reporting dates. These figures are not added together.
Institution finances and activity
These describe the institution or the assets it administers. They are separate from the UK government’s holding.
Announced financial capacityUp to £16bnLaunch announcement, 31 March 2026
Debt, equity and guarantees over the next decade. Not a verified paid-in equity balance.
Underlying source ↗Ownership and accountability
Homes England is the direct shareholder and is sponsored by MHCLG. NHB has its own board and operates independently on pricing, investment decisions and deployment within the agreed framework. New guidance provides for Place Delivery Agreements to align Homes England and NHB resources with mayoral priorities through agreed delivery commitments and joint delivery units.
Parent / group: Homes England
Research hub
13 publications relevant to NHB · Institution-specific research shown first
Housing Outlook Q3 2026
Resolution Foundation
Report on the proposed subsidy for capitalisation of the National Housing Bank by Homes England
Competition and Markets Authority / Subsidy Advice Unit
News and announcements
View in News and announcements →- UKGI reviews the value, returns and risks of government investments ↗
The Financial Investment Report 2026 examines a defined government loan and equity portfolio, financial-return measures and risk controls. It provides a cross-government view of investment oversight and explains the staged introduction of risk budgeting. It reports historical assets rather than a new capital allocation.
View in Research hub → - NHB set for future role in £4.7bn first-home scheme ↗
Homes England will initially deliver the Your First Home equity-loan scheme with National Housing Bank support. NHB is intended to take responsibility later, subject to legal and regulatory changes. The scheme uses £4.7bn reallocated from existing departmental financial transactions, with first loans planned for April 2027.
- Supporting local investment — An offer to places ↗
Sets out how public investment bodies will work with local leaders through earlier planning, clearer access to finance, project pipelines and named leads. The offer brings together the National Wealth Fund, National Housing Bank, British Business Bank and UK Export Finance with other bodies. Practical arrangements will be refined with places.
View in Research hub → - Financial Transaction Control Framework — October 2026 update ↗
Updates the process for institutions seeking Treasury designation as public financial institutions and adds a draft chapter on devolved financial investment. It describes proposed arrangements involving mayors, devolved governments and existing institutions. Chapter six remains draft and is due to be revised before April 2028 following further engagement.
View in Research hub → - Ministry of Housing, Communities & Local Government — Overview 2025–26 ↗
The departmental overview identifies the National Housing Bank as a Homes England subsidiary and distinguishes its financial capacity from housing grants. The NAO highlights deployment, private investment attracted and Homes England’s handling of financial and delivery risks as areas to watch.
View in Research hub → - National Housing Bank joins first Place Delivery Agreement in Liverpool ↗
Homes England, the National Housing Bank and Liverpool City Region Combined Authority have published their first Place Delivery Agreement. Dated 1 October, it sets a framework for a joint delivery unit, investment pipeline and mayoral oversight. Detailed delivery and funding arrangements will follow; it does not announce a fixed NHB financing commitment.
- NHB updates its board register of interests ↗
The published register identifies board members and the shareholder-appointed UKGI director.
- Housing Outlook Q3 2026 ↗
Examines combinations of grants, developer contributions and National Housing Bank loans for increasing affordable housing supply. It estimates the possible contribution of NHB’s low-interest facility under different tenure choices, rather than reporting completed housing outcomes.
View in Research hub → - Much ado about PuFins: How the UK’s public financial institutions can unlock billions for investment ↗
Maps the expansion of UK public financial institutions and examines investment options under the fiscal rules. The authors recommend additional National Wealth Fund capital and question the case for institutions issuing their own bonds.
View in Research hub → - From Mission Talk to Mission Delivery — State Transformation for the Green Transition in the UK ↗
Examines how the UK can organise public institutions and finance around the green transition. Its public-finance sections discuss the National Wealth Fund, British Business Bank and National Housing Bank, recommending closer coordination, stronger deal-origination capacity and financing terms that share risks and rewards. The report draws on policy analysis and workshops rather than an impact evaluation.
View in Research hub → - Homes England announces National Housing Bank launch ↗
The bank opens on 1 April with up to £16bn of debt, equity and guarantee capacity. Homes England also announces a £100m partnership with Aviva.
- Report on the proposed subsidy for capitalisation of the National Housing Bank by Homes England ↗
Evaluates Homes England’s assessment of the proposed subsidy used to capitalise the National Housing Bank. It provides advice on the assessment against subsidy-control requirements before implementation, rather than measuring the Bank’s subsequent performance.
View in Research hub →