The L&Q 2020 plan will see the association increase output to 5,000 new homes a year and treble its current pipeline from 15,000 to 50,000 over the next decade.

This is the most ambitious development programme ever undertaken by a housing association and would make it the fifth largest house builder of any kind.

The plans would see it invest £12bn in new housing over 10 years – more than doubling five years of government investment in the Affordable Homes Programme.

Half the homes built will be for sub-market rent and low-cost home ownership.

L&Q Group Chief Executive David Montague said: “The chronic lack of quality, affordable housing is one of the biggest challenges facing Britain today. For far too long, supply has fallen woefully short of demand and so we are making a step change in our development programme.

“L&Q has always had the desire to create more homes, and now our financial strength gives us the capability to embark on the largest house-building programme in housing association history.”