Barratt Developments to partner with Lloyds and Homes England on housing project

Barratt Developments has announced a joint venture with Homes England and Lloyds Bank to build thousands of new homes across the country.

The partnership will bring together Barratt, one of the UK’s leading housebuilders, Homes England, the government body responsible for housebuilding and regeneration in England, and Lloyds Banking Group, one of the largest funders of the UK housing sector.

The partnership, called Made, will act as master developer for multiple large-scale, residential-led developments ranging from 1,000 to more than 10,000 homes, along with a variety of community facilities and employment uses.

Barratt said potential development opportunities would include large brownfield developments and new garden village-style communities.

Housing and Planning Minister Matthew Pennycook said that an inefficient development system has “held back” the delivery of tens of thousands of new homes in recent years.

“This government will work in partnership with all those who are focused on turning things around,” he said.

“The landmark new partnership announced today will support our commitment to ramp up housing supply and boost economic growth by developing more large-scale, attractive and sustainable places across the country with the homes, jobs and infrastructure that communities need to thrive,” Pennycook added.

The Labour government has pledged to deliver 1.5m homes by the end of the next parliament, as well as an overhaul of the planning system.

The partnership will be initially backed by combined equity funding of £150m, provided equally by the partners.

Made will bring the “ability to unlock and scale the capital required to bring larger sites into production, enabling both major and SME homebuilders to build the new homes and communities the country needs,” Barratt said.

David Thomas, chief of Barratt Developments: “We are committed to playing our part in delivering the millions of new homes the country needs over the next 10-20 years. To help us achieve this goal, we need to deliver more large developments.

“Through the Made Partnership, we are creating a master developer which can manage the infrastructure and placemaking that is needed to deliver at scale, whilst consistently achieving the high quality and sustainability standards that Barratt is known for.”

Charlie Nunn, chief executive of Lloyds said: “Our pioneering MADE Partnership between Lloyds Banking Group, Homes England and Barratt Developments has created a master developer – enabling the largest-scale projects and place-based solutions to be achieved, and helping to deliver tens of thousands of new homes which are so urgently required. This is the cross-sector collaboration we need, at significant ambition and scale.”