Northampton homebuilder Barry Howard Homes announces £20m partnership plan to build 350 for-rent houses
A Northampton housebuilder has announced a plan to build 1,500 homes across the county in the future in a new partnership deal.
Barry Howard Homes has launched a joint venture with London-based Falco Capital to build family housing to rent in Northamptonshire.
The new venture, named Water Meadow Homes, is investing £20m to build an initial 350 homes for rent across sites in Northampton, Wellingborough, Daventry and Towcester, and claims it has long-term goals to build 1,500 homes in the county.
It means several homes at the ongoing Lancaster Way development will now be sent to market under the Water Meadow Homes name when complete.
Co-director Barry Howard This venture is primarily to reflect the fact there's a huge need for rented homes in the UK. While the apartment and flat market is pretty well-serviced but three-or-four bedroom homes for rent are in dire need.
"This is an exciting new venture for both parties. Rental is increasingly popular with young families who like the flexibility and affordability that it offers."
Other developments across Northamptonshire at the moment include a plan to restore Overstone Hall and create some 52 houses, although this was delayed by Daventry District Council in June 2019.
Meanwhile, BHH has been building a development of 142 on land off Lancaster Way since early 2017, and 88 of these will be offered for rent under the Water Meadow Homes name.
Richard Anderson, Managing Director of Falco Capital, said “We have worked with Barry Howard Homes for a number of years and have been extremely impressed with the business. High quality rented housing, managed by professional landlords, will be an increasing feature of the UK housing
market over the next 10 to 20 years and an important contributor to meeting the UK’s housing shortage.”