Principality Building Society Makes Historic Move into English Housing Market
The commercial division of Principality Building Society has achieved a significant milestone by securing its inaugural lending agreement with a housing association based in England. In a landmark deal, Principality Commercial has extended a substantial £20 million funding facility to Rochdale Boroughwide Housing, an organisation distinguished as the United Kingdom's pioneering mutual housing society.
Supporting Community-Focused Housing in Greater Manchester
Rochdale Boroughwide Housing operates as a unique social landlord that is collectively owned by both its tenants and employees. The association plays a crucial role in managing over 12,000 residential properties throughout the Rochdale borough, delivering essential housing solutions and comprehensive community support services to local residents.
This substantial financial injection will empower the housing association to undertake vital maintenance and enhancement projects across its existing portfolio of social and affordable homes. The improvements will specifically benefit communities located in the eastern regions of Greater Manchester, ensuring better living conditions for numerous households.
A Strategic Expansion Beyond Welsh Borders
This collaboration represents a strategic expansion for Principality Commercial, marking its first venture with a housing association client operating outside its traditional Welsh territory. The building society's commercial lending arm typically provides financial solutions across both England and Wales, supporting various investment and development initiatives within commercial and residential sectors, including specialised housing association projects.
Leadership Perspectives on the Partnership
Jan Quarrington, who serves as senior portfolio manager at Principality Building Society, expressed enthusiasm about this new partnership. "This new partnership marks an exciting new chapter for Principality Commercial as we extend our reach and funding into England," Quarrington stated. "Supporting housing providers in England allows us to make a positive impact in more communities with affordable housing options and community services, and particularly in the North West where we already have a growing customer presence."
Quarrington further emphasised the alignment of values between the two organisations, noting: "As a mutual, we are honoured to partner with an organisation that shares our dedication in making housing more affordable and achievable. We are confident that this funding will help Rochdale Boroughwide Housing continue to strengthen its services and build thriving neighbourhoods."
Amanda Newton, chief executive at Rochdale Boroughwide Housing, welcomed the partnership with equal optimism. "We are incredibly proud to have the support of our existing funders and to welcome Principality into the English social housing sector for the first time," Newton remarked. "This package gives us the stability and flexibility we need to build a better future together. It means we can look into 2026 with increased optimism as we deliver on our three-year corporate Strategy, which has the needs of our customers firmly at its heart."
Broader Implications for Social Housing Sector
The agreement demonstrates how mutual building societies can play an increasingly important role in supporting social housing initiatives across different regions. This partnership between a Welsh financial institution and an English housing association illustrates the growing interconnectedness of housing finance across national borders within the United Kingdom.
For Rochdale Boroughwide Housing, this funding represents more than just financial support—it provides the necessary resources to implement their strategic vision focused on tenant welfare and community development. The housing association can now advance its corporate strategy with renewed confidence, knowing it has secured backing from an established mutual lender that understands the specific challenges and opportunities within the social housing sector.
