Homes for Lambeth, the housing firm set up two years ago and wholly owned by Lambeth council, has said it will build more than 300 homes in the next two years, with a significant number being offered for council-level rent.

Chaired by former Barratt’s managing director Richard Reynolds, Homes for Lambeth (HFL) said 159 new homes would be built across the south London borough by March next year, 145 of which will be available for council-level rents.

In its business plan for the forthcoming financial year HFL said its “overarching objectives” were to help Lambeth council build 1,000 new homes at council-rent levels across the borough.