The initial funding of £350m, the largest award possible in this phase, is significantly in excess of the first award of £83m received under the previous programme, and will enable the delivery of over 3,000 affordable homes.

Vestry said it has identified immediate opportunities to deploy its own grant funding to deliver much needed affordable housing schemes within the current year.

Alongside this, Vistry will deliver additional homes at pace by working in partnership with other strategic partners, mayoral strategic authorities and councils as they commit funding to their programmes as part of the initial £9.58bn of allocations.

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The developer already has longstanding relationships with 29 of the 32 other strategic partners and operates within all of the mayoral strategic authorities.

Adam Daniels, chief executive at Vistry, said: “Vistry has received direct grant funding awards under successive affordable homes programmes for almost 20 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.”