Exclusive: Lloyds Living buys 598 single-family homes

The deal will deliver a mix of two, three and four-bedroom single-family homes across 11 locations with good transport links, schools and local employment opportunities.

These locations include existing Lloyds Living sites such as Hampton Beach in Peterborough, Ladden Garden Village in Yate, Lancaster Gardens in Eccleshill and Chidswell in Yorkshire.

The remaining 398 homes across new sites will be located in Berkshire, Oxfordshire, Buckinghamshire, Kent, Cheshire and Gloucestershire.

The first homes are expected to be available to rent from July in Abingdon, Finchampstead and Crewe, with the remainder delivered by the end of 2027.

The first large portfolio deal between the partners was agreed in 2023 and delivered 604 homes. The partnership aims to gradually develop housing stock for the rental market while focusing on the environmental standards of properties.

Matthew Burgess, chief investment officer at Lloyds Living, said: “These forward-funding arrangements allow Barratt Redrow to accelerate delivery and to confidently invest in new sites. This, in turn, brings more homes onto the market.”

Mike Scott, chief financial officer at Barratt Redrow, said: “Barratt Redrow has ambitious growth plans to build 22,000 homes a year. If we are to build the number of homes the country needs, across all tenures, we need to work with industry-leading partners such as Lloyds Living.

“This latest deal therefore marks the next step in a successful partnership with Lloyds Living, working together to provide more high-quality, energy-efficient homes for rent across the country.”

Last month, Lloyds Living’s for-profit registered provider Citra Pathways completed its registration with the Regulator of Social Housing. Citra Pathways was incorporated in April 2024 and has several high-profile housing figures on its board. The for-profit provider will focus on shared ownership.

Lloyds Bank has long been a major lender to the UK social housing sector. Last year, it pledged £500m towards a retrofit fund with the National Wealth Fund, aimed at using government guarantees to bring down the cost of capital for green improvements.

In summer 2024, the bank unveiled plans to redevelop decommissioned data centres and former office sites for new social housing.

It has provided £17bn of finance to the social housing sector since 2018, including £2bn last year.