In a groundbreaking move, Lloyds Banking Group and Barratt, in collaboration with Homes England, have unveiled the innovative Made Partnership. This venture aims to revolutionize large-scale housing projects in the UK, with both organizations contributing £50 million in initial funding. The grand vision of Made Partnership includes developing expansive residential projects like “large brownfield developments” and “new garden village style communities”.
The housing minister, Matthew Pennycook, lauded this partnership as a significant step towards bolstering housing supply and driving economic growth by creating sustainable and captivating living spaces nationwide. The new Labour government has set an ambitious target of constructing 1.5 million new homes over five years, a feat not accomplished in nearly 50 years. This initiative aligns with the government’s strategy to accelerate the delivery of homes from existing large-scale developments that have stagnated.
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David Thomas, the CEO of Barratt, emphasized the necessity of large-scale developments to meet the escalating demand for housing. By establishing a master developer capable of overseeing infrastructure and placemaking on a grand scale, the Made Partnership aims to facilitate the creation of diverse, vibrant communities. The venture will be spearheaded by Stephen Kinsella, Barratt’s group major projects director, heralding a new era in residential development in the UK.
The complexities associated with such monumental projects are evident, with industry analysts projecting that the first homes from the venture may not materialize until 2028-29. Urban & Civic, a well-established master developer owned by the Wellcome Trust, stands as a testament to the potential success of ventures like Made Partnership. With a portfolio encompassing over a dozen sites and 33,000 consented homes, Urban & Civic exemplifies the transformative impact that master developers can have on the housing sector.
Exemplifying its commitment to the housing sector, Lloyds Banking Group is expanding its footprint by venturing into private landownership through its Citra Living brand. The strategic overhaul of Lloyds, aiming to diversify revenue streams from traditional retail banking, underscores the importance of innovation and adaptability in today’s dynamic business environment. Chief executive Charlie Nunn’s vision of repurposing data centres and office sites into social housing showcases the bank’s dedication to fostering inclusive communities and addressing societal needs.
As the housing landscape in the UK undergoes a radical transformation, initiatives like Made Partnership and Citra Living epitomize the spirit of innovation and collaboration necessary to address the housing crisis. By fostering partnerships between key players and embracing visionary approaches to development, the UK can aspire to create sustainable, thriving communities that cater to the diverse needs of its residents.
