Heylo Housing, a joint venture with Lancashire County Pension Fund, has signed an agreement with Bellway to deliver more than 1,000 shared ownership affordable homes over the next three years.

The new developer-led delivery model, called Home Reach, will enable housebuilders to meet Section 106 obligations.

Nicholas McAlpine-Lee, CEO of Heylo, said: ‘The Home Reach contract, a first of its kind, is a re-useable suite of development and sale agreements designed to operate across multiple sites to maximise efficiency and enhance value from affordable housing delivery.’

‘Heylo’s efficient operating model and long term funding is able to deliver improved receipts from affordable shared ownership homes which can be employed to unlock viability challenges and maintain affordable housing delivery.’

Heylo has purchased over 500 properties in 25 local authorities since its launch last September.