Honey housebuilder Leeds: £180m in total facilities as firm targets £175m revenue and East Midlands expansion

Honey housebuilder Leeds and Sheffield has completed an £80m revolving credit facility with OakNorth and NatWest, taking its total available bank funding to £180m. The deal provides additional firepower for a business that has grown at remarkable pace since launching in October 2022, and comes as Honey prepares to open a third regional office in the East Midlands later this year.

The new facility, which has an option to grow to £100m, was agreed with existing lender OakNorth and new partner NatWest. Honey is on track to deliver more than £175m in revenue in 2026, with a projected profit of between £20m and £27m. The business is currently 44% forward sold for the year.

“It has been impressive to witness the fast growth Honey has achieved, and we look forward to seeing that continue alongside our future relationship.”

From Launch to £1.4bn Pipeline in Three Years

Founded by former Avant Homes chief executive Mark Mitchell, Honey housebuilder Leeds has secured 31 sites across Yorkshire and the Midlands since launch, with capacity to deliver 5,010 homes and a combined gross development value of £1.4bn. The business is backed by private equity firm Alchemy Partners.

“It has been impressive to witness the fast growth Honey has achieved, and we look forward to seeing that continue alongside our future relationship.”

— Damien Hughes, Senior Director of Property Finance, OakNorth

“NatWest is committed to supporting the UK housing sector across all tenures. We have been impressed, not just by Honey’s business performance, but also the ambition of the senior management team, so we are naturally excited to now be partnering with them.”

— Jonathan Ellis, Director, Real Estate Finance, NatWest

Why this matters for Leeds

Honey launched in October 2022 and already has a Leeds office, 31 sites, a £1.4bn development pipeline, and £180m in bank facilities. That’s a serious new player in the regional housebuilding market. For Leeds’ property sector, this deal signals growing lender confidence in well-capitalised SME housebuilders operating in Yorkshire. With over 5,000 homes in the pipeline across the region, Honey’s growth has direct implications for local supply chains, employment, and the availability of new housing stock.