How Ballymore is working to improve London's housing crisis

 Stevan Tennant, Managing Director of Development at Ballymore, did not follow the typical graduate scheme route into real estate. "My whole life growing up was all around being in the shop," Stevan told me, describing his childhood in the Yorkshire Dales where his parents ran a newsagency. "I was a paper boy at seven years old on my bike delivering papers."

It wasn't until career aptitude tests at school that property appeared on his radar. Quantity surveying captured his interest, leading him to university in Nottingham and eventually his first job in Leeds.

The European chapter

Stevan's career took an unexpected turn in 2001 when EC Harris offered him an opportunity to manage a business they were taking over in Prague. "I jumped at that opportunity," he recalled. This move would shape the next decade and a half of his career, eventually leading him to Ballymore as a client first.

"I joined Ballymore in 2005 after finding them as a client," Stevan explained. His initial role was Head of Cost Management and Procurement, buying construction work and professional fees for major projects across Berlin, Bratislava, Prague, Budapest, Paris, and Cannes. Through various promotions, he progressed to General Manager before the global financial crisis hit, forcing asset disposals and completely changing his role.

Stevan didn't return to London until 2015, bringing with him invaluable European experience that shapes his perspective today.

London's strength in a global context

One of the most insightful moments in our conversation came when Stevan challenged the negative narrative around London and the UK planning system. "I think London and the UK needs to actually stop dumbing itself down," he said firmly.

He shared a telling example: "We acquired a project in Prague in 2003, sold it in 2012, and it's only just got its planning." Compared to that, he argued, the UK planning system is "pretty established and it functions."

"London is still a global city," Stevan emphasised. "London's rivals are probably more likely to be New York or Paris. London needs to become the centre of the UK again, rather than being levelled down."

Leading development at Ballymore

In his current role, Stevan leads all planning and pre-construction projects for Ballymore's impressive pipeline. "We've got 15,800 homes in the pipeline at various stages," he told me. "Some are at almost an acquisition stage all the way through to things that are about ready to start on site."

What sets Ballymore apart, according to Stevan, is their integrated approach. "We acquire sites, get planning, develop that site – we build it with our own construction team – and then we have a property management company managing it long-term." This full-cycle involvement, combined with being family-owned, allows Ballymore to take on significant sites that require vision, energy, and passion.

The affordable housing challenge

The biggest risk facing Ballymore’s pipeline according to Stevan is, affordable housing provision. "If we can't get a registered provider to take the affordable homes within those plans, there will be no 15,800 homes," he stated.

The Building Safety Act has fundamentally changed how registered providers view long-term ownership, particularly of high-rise properties. "Lead Providers have moved towards low-density, single-family housing to avoid the statutory requirements," Stevan explained. "But if we want to build those 88,000 homes a year in London, they're going to need to be in buildings taller than 18 metres."

Ballymore's solution? "We are going through the process of establishing our own registered provider," Stevan revealed. "A lot of that's due to the 15,800 homes in the pipeline."

What's next for Ballymore

When I asked about future plans, Stevan's answer was refreshingly honest. "I'm probably most excited about the things I don't know yet." He highlighted partnerships with Places for London, Camden Council and LLDC as areas generating particular excitement.

"This isn't some drastic pivot," he clarified. "This has been quite organic in terms of how we've moved into more partnership space. There's something about our organisational culture that wants to work with people, wants to do things together."

His best career advice? "Know what you know and know what you don't know." Simple wisdom from someone who's built a remarkable career from Yorkshire paper rounds to leading one of London's most ambitious development pipelines.

At deverellsmith, we're committed to helping property professionals like Stevan navigate their careers and supporting organisations like Ballymore in building exceptional teams for London's future.

About the Contributors

Stevan Tennant – Managing Director of Development at Ballymore, leading planning and pre-construction for 15,800 homes in the pipeline. Stevan is a Fellow of the RICS with over 30 years of experience across UK and European property markets, including a decade managing major developments across Central Europe.

Georgia Zambakides – Executive Director of deverellsmith, specialising in executive recruitment for the residential development sector across leading consultancies and major UK property developers.