Honey secures 21 sites to deliver 2,850 homes

Housebuilder Honey has secured 21 sites across Yorkshire and the Midlands to deliver 2,850 homes with a gross development value of £795m within its first two financial years of trading.

The business was launched in October 2022 and is backed by private equity firm Alchemy Partners and its Alchemy Special Opportunities Fund IV which has £937m of fully committed capital.

For the financial year ended 31 December 2024, the Sheffield-headquartered housebuilder has achieved £85m in total forward sales and earlier this year announced a partnerships division.

The division will initially deliver 286 affordable homes for housing associations across four sites with forward sales of £60m. In addition, Honey is currently agreeing terms on a further two partnerships sites totalling another 238 units.

Honey’s rate of sale for the year ended 31 December 2024 across its five live sites was 0.69 and its average selling price is currently £290,000. The housebuilder has achieved 100 per cent scores in all its customer satisfaction surveys conducted by independent consultancy In-house Research. From the start of this year, this metric is being measured according to the HBF’s customer satisfaction survey.

Honey employs 80 people across two operating regions which have their head offices in Sheffield and Leeds.

In addition, Honey has secured access to funding of £235m. Alchemy Partners is providing equity funding of £75m whilst £160m of bank funding is from four lenders – Beaufort Capital, Heritable Development Finance, Hampshire Trust Bank and OakNorth.

Honey founder and chief executive, Mark Mitchell, said: “We are significantly further ahead of where we planned to be after two years.

“Our product has been fantastically well received with our combination of style, substance and sustainability providing buyers with more of what they want and need at the price points we sell at.

“We are now firmly into our build and sell phase and remain focused on delivering outstanding new homes underpinned by excellent customer care before, during and after each sale.

“Thanks to our funders, we have the financial firepower to acquire more sites and will be looking to do so throughout this year, including expanding our development footprint further south in the Midlands.”

Thomas Boszko, Alchemy Partners, commented: “It’s been an incredible two years of growth for Mark and the Honey team, and this year will be yet another step up for the business.

“We are very pleased by the extraordinary progress Honey has made, and we look forward to continuing to support the business as it expands the brand throughout Yorkshire and the Midlands.”

Over the course of the past 12 months, Honey has been shortlisted for nine national and regional business and property awards.

Mark continued: “We have a great team of people at Honey who contribute to our success on a daily basis. We have the energy and agility of a fast-growing start-up business and this is being recognised within our industry, and outside of it, by the wider business community.

“We pride ourselves on thinking differently within our space and this is key to us being able to continually provide a refreshing approach to housebuilding.”

honeyHoney has analysed consumer insights and trends to inform its 23 house type designs to ensure they meet the needs and wants of today’s new home buyers, including the flexible use of all living spaces.

Standard features in every Honey home include bi fold doors; individually designed fully integrated kitchens; and boutique style bathrooms with a signature free standing bath and full height tiling. All properties have an electric vehicle charging point.

For further information on Honey visit www.homesbyhoney.co.uk