The firm was among 33 strategic partners confirmed today by Homes England to help deliver the government’s new £39bn Social and Affordable Homes Programme (SAHP).

Most of the organisations on the list for the ten-year funding programme are housing associations and councils.

Adam Daniels, Chief Executive said: “Vistry has received direct grant funding awards under successive affordable homes programmes for nearly twenty years, and this award reflects our established track record and commitment to delivering much needed affordable homes in collaboration with Homes England and our partner providers.

“We are delighted that Homes England has made this significant announcement that will create over 73,000 new homes and provide Vistry, its partners and the wider sector with a much-needed stimulus.

“We already operate in all of the Established Mayoral Strategic Authorities and have established relationships with 29 of the 32 other strategic partners announced this morning. We look forward to continuing to work with Councils and Homes England to meet local ambitions to increase housing supply at pace.”   

Vistry has warned recently that it it will post a first-half loss after driving average daily net debt close to £800m as the partnerships house builder prioritised paying suppliers faster while funding a sweeping balance sheet reset.

The group expects to report a first-half pre-tax loss of around £30m after taking a £50m hit from aggressive cash-generation measures, including deeper sales discounts, accelerated asset sales and write-downs on low-margin sites.