Homes England approves £124m loan to help deliver extra 16,500 homes on L&Q site

Tom Copley, the 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.”

The site’s current planning consent for 10,800 homes was originally approved by the London Borough of Barking and Dagenham in 2008. However, it’s since been identified that the site could have up to 20,000 homes, with a minimum of 35% of these being affordable.

Fiona Fletcher-Smith, chief executive of L&Q, said: “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.

“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.”

Significant transport infrastructure has already been completed, and the new Barking Riverside Overground station opened in 2022. Future homes on the site will be powered by a low-carbon district heat network.

Matthew Carpen, managing director of Barking Riverside, said: “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-focused and resilient despite a challenging market.”

Once completed, the new mixed-use development will provide affordable family homes, enhanced green spaces, seven new schools and better access to the River Thames, as well as a significant amount of retail, employment and community space.

Peter Denton, chief executive of Homes England, said: “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.”