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House builder launches new London division to work with social landlords
House builder Bellway has launched a new division in London which aims to work with housing associations and local authorities to build new affordable homes across the capital.
The London Partnerships division launched on 1 February will start construction on its first two sites this summer, Bellway said.
Heads of terms have also been agreed on a further three sites and the house builder said its “small team had already established good working relationships” with several potential delivery partners.
The first legal completions for the division are expected in the second half of the next financial year.
Bellway is the latest house builder to target housing associations – last month Bovis Homes, one of the country’s largest developers, announced it would launch its Partnership Housing Division later this year and hoped to secure housing association partners on land-led schemes.
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Fellow house builder Crest Nicholson has also said that it will target Homes England’s strategic partners to work with on certain schemes.
Bellway announced the plan for its latest division alongside its financial results for the six months to the end of January. During the half year, the company completed 5,007 homes – 5.6% more than the same period in the previous year.
Its earnings per share rose by 8.3% to 207.5p, a half-year record for the group, and Jason Honeyman, chief executive at Bellway, said a good market and the organisation’s “disciplined investment” had boosted its performance.
He said: “Conditions in the new build UK housing market remain positive, with strong demand for affordably priced homes supported by high employment, good access to affordable mortgage finance and the continued availability of Help to Buy.”
He added that slower sales rates among higher value developments had meant Bellway continued to offer sales incentives, but that its exposure to these types of properties was limited.
Bellway has also recently opened an Eastern Counties division as it seeks to expand its regional development.
