The firms said that the partnership around large site development would help “deliver thousands of much-needed new homes across the country”.

They said that the companies in the partnership will act as a “master developer” for “multiple large-scale, residential-led developments” ranging from 1,000 to over 10,000 homes, along with a “variety of community facilities and employment uses”.

The companies said that this was a “long-term partnership” and would initially be backed by combined equity funding of up to £150m, provided equally by the three partners.

The partnership will bring together housebuilding experience from Barratt, government insight on housebuilding and regeneration from Homes England and one of the largest funders in the housing sector, LBG.

The firms said: “The partnership brings together the essential skills, expertise and long-term approach, with 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.”

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The Labour Party has brought back annual housing targets and said it wants to build one-and-a-half million homes over the next four years, with brownfield and grey belt sites prioritised.

As part of this, Chancellor Rachel Reeves has promised “decisive reform” of the planning system, and deputy Prime Minister and housing secretary Angela Rayner has said that it will give local councils housing targets that will support the delivery of 370,000 new homes per year.

 

‘MADE Partnership will provide a master developer platform’

Matthew Pennycook, Housing and Planning Minister, said: “A failure to ensure the development system is working properly has held back the delivery of tens of thousands of new homes over recent years and this government will work in partnership with all those who are focused on turning things around.

“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”.

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 10-20 years. To help us achieve this goal, we need to deliver more large developments.

“Through the MADE Partnership, we are creating a master developer [that] 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.”

Peter Denton, chief executive of Homes England, said: “MADE Partnership will provide a master developer platform with the ambition and capability crucial for creating not just the homes but the vibrant, diverse places England needs.

“Whether it’s transforming a brownfield site, extending an existing town, or creating a whole new village, the partnership will have the finance, tools, expertise and partners required to ensure a cohesive approach to delivering a fabulous place that people want to live and work.”

Charlie Nunn, chief executive of LBG, 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.”