Homes England has approved a £124m funding package to unlock more homes and deliver new state-of-the-art infrastructure at the 443-acre Barking Riverside brownfield site in East London.
Upon completion the new mixed-use development will provide affordable family homes, enhanced green spaces, seven new schools and better access to the River Thames, in addition to retail, employment and community space.
The funding agreed by Homes England is a combination of loan and grant funding and will help master developer Barking Riverside Limited (BRL) – a partnership between L&Q and the Mayor of London – to prepare the land, including flood defence work and the construction of an energy centre and parks.
The new infrastructure will enable another 16,500 homes to be built on the site to add to the 3,500 already built or under construction by housing association L&Q and housebuilder Bellway.
Tom Copley, deputy mayor of London for housing and residential development, said: “Barking Riverside is an exemplary new town that is transforming east London with state-of-the-art new homes, community facilities, transport links and green spaces. I’m delighted that £124m has been secured to help unlock 20,000 new, high-quality homes. This will help support the mayor’s plans to boost homebuilding across London and build a fairer, more prosperous city for everyone.”
Fiona Fletcher-Smith, CEO at L&Q, added: “This new funding from Homes England is a vital boost for Barking Riverside. With demand for affordable housing soaring, housing associations like L&Q are essential to delivering solutions -but real progress depends on government support. That’s why this investment is so important; it allows us to do more, faster, and at a scale that truly meets the needs of local people.
“Barking Riverside shows what’s possible when ambition meets collaboration. Through strong partnerships and a shared vision, we are transforming this brownfield site into a sustainable community, prioritising quality homes, green spaces, and new opportunities. The progress here is a testament to what two like-minded organisations can achieve together, and we’re excited to move forward with the next phase of homes and infrastructure for the people of east London.”
Matthew Carpen, managing director of Barking Riverside, said: “Barking Riverside has delivered thousands of vitally needed new homes for Londoners, on brownfield land that has already seen a significant investment in infrastructure. However, the support from Homes England will enable this project to move into a new era – increasing the level of ambition and unlocking housing at the scale needed to truly make an impact.
“We are excited to make our new masterplan a reality, which would not be possible without a number of important partnerships. Fundamentally, this funding from Homes England ensures that Barking Riverside can remain delivery-focussed and resilient despite a challenging market.”
Peter Denton, chief executive of Homes England, added: “Delivering the government’s target of building 1.5 million homes will require support and collaboration from across the housebuilding sector. At Barking Riverside there is potential to literally build more homes – and more affordable homes – in a place where they are desperately needed. And that’s why we’ve stepped in, providing funding to deliver vital infrastructure, unlocking more land, so that our partners can build even more homes for the people of east London to enjoy and be proud of.”
