Octopus Capital has agreed a forward funding agreement to support the delivery of 82 new affordable homes in Northam and Bideford, North Devon, in partnership with Vistry.
Investment in the homes is being made through the Octopus Affordable Housing Fund (OAHF), which invests long-term capital to accelerate the delivery and ownership of vital new affordable homes across the UK.
The scheme is also funded by a Homes England grant, meaning all the homes will be delivered as affordable homes.
The deal marks the continuation of their relationship with Octopus Capital and forms part of the wider pipeline they are advancing together as they look to develop a long-term investment framework to fund the delivery of more affordable homes across the country.
The scheme includes 238 beds in 82 high-quality, energy-efficient homes, all EPC B compliant and fossil fuel-free, powered by air source heat pumps.
Homes range from two to four bedrooms, making the scheme suitable for couples as well as growing families.
Octopus Capital will work closely with Torridge District Council to advertise the rental homes through Devon Home Choice, the region’s platform for allocating social housing.
This means priority will be given to applicants with links to the area, helping to ensure these homes directly meet the needs of the North Devon community.
The homes are being delivered on a freehold basis and construction work is already underway. The first homes will be completed in spring 2026, with the final homes expected to be completed in summer 2027.
Octopus’ registered social housing provider NewArch will be the long-term landlord of the homes, with Pinnacle providing housing management once construction is complete.
Ellie Vlavianou, investment director at Octopus Capital, said: “These are two fantastic locations that will create real opportunities for people and families to put down roots in their local communities.”
“We are extremely proud to work with a trusted partner to deliver high quality, sustainable homes where they are needed most. We are also excited about the potential of our growing partnership with Vistry as we both look forward to delivering more schemes like this across the country.”
Oliver Grieve, Partner Housing Manager at Vistry, added: “Vistry is delighted to be working with Octopus Capital and NewArch Homes to deliver 82 much-needed affordable homes across two sites in North Devon.”
“The homes combine thermal efficiency with high design standards to help reduce energy costs for residents while meeting the wider housing needs of the local community.”
In November, the National House Building Council revealed that 30,643 new homes had been registered in the third quarter of 2025
New home registrations also increased for the third consecutive quarter in the third quarter of 2025, an increase of 1% from 30,135 units in the second quarter and an increase of 5% from 29,083 units in the first quarter.
