Barratt partners with Homes England and Lloyds Bank to build thousands of new properties

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

In a statement, the FTSE 100 company said it would partner with Homes England, the government body responsible for building and regenerating homes in England, and Lloyds, one of the UK’s largest property financiers.

He added that the company, called Made, will act as “master developer for multiple large-scale residential developments, from 1,000 to more than 10,000 homes.”

This is in addition to a variety of community facilities and employment uses.

The Leicestershire-based company said potential development opportunities would “include large brownfield developments as well as new garden village-style communities”.

The collaboration will initially be supported by a combined funding of £150m, provided by Barratt, Homes England and Lloyds, all with equal stakes.

The news comes after Prime Minister Keir Starmer pledged that Labour will back housebuilding from “day one” to meet its ambitious target of 1.5 million homes over the next five years.

Matthew Pennycook, Minister for Housing and Planning, said: “Failure to ensure the development system works properly has delayed the delivery of tens of thousands of new homes in recent years and this Government will work in partnership with all those who are focused on turning things around.”

David Thomas, chief executive of Barratt Developments, said: ‘We are committed to playing our part in delivering the millions of new homes the country needs over the next 10 to 20 years.

“To help us achieve this goal, we need to undertake further large-scale developments.”

Last week, Barratt’s profits fell by three-quarters from last year after it completed construction of more than 3,000 fewer homes.

The group, which recently bought construction firm Redrow, saw its pre-tax profits fall 75.8 percent to £170.5 million in the year to June.

Construction was completed on 14,004 properties during the period, compared with 17,206 in the previous 12 months, although this figure was at the upper end of the company’s forecast range.

Barratt Developments Stock rose 0.75 percent to 496.30 pence in early afternoon trading on Monday.