The £150m is being allocated to a new vehicle, called Hestia, which will focus on the development of mixed-tenure communities.

These will be built “at pace and scale” with a target size of between 400 and 3,000 homes for each development.

“By coinvesting with Homes England, Vistry are upscaling the delivery of mixed tenure communities — Vistry is not just building homes — we’re investing in the future of communities across the UK and supporting our focus on social value including developing social and affordable housing,” said Stephen Teagle, CEO of partnerships and regeneration at Vistry.

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“Our intention is also to pilot selling a proportion of de-risked land parcels to SMEs helping to increase the availability of land and stimulate growth among smaller developers.”

Pat Ritchie, chair at Homes England, added: “As the government’s housing and regeneration agency, one of our key responsibilities is to unlock strategic housing sites by working with both the public and private sector to bring them forward at pace and scale, helping to meet the government’s housing targets.

“This joint venture with Vistry Group will do just that, by targeting large sites capable of delivering up to 3,000 new homes in well-designed communities, while continuing to support SME housebuilders in achieving their own growth ambitions.”