A new partnership has been launched to help the public sector build thousands of new homes.
Kier Living, Cheyne Capital and The Housing Growth Partnership have pooled £1bn in order to build 10,000 new homes in partnership with local authorities and housing associations.
The New Communities Partnership will provide public sector organisations with the option to choose between sale and/or rental developments, and offers significant scope for affordable development.
Rental homes will include discounted and market-rent solutions to address housing challenges faced by key workers, the disabled and the elderly, while homes built for sale will include discounted sale units.
Shamez Alibhai, head of Cheyne's Social Property Impact Fund, commented: 'We believe that bringing responsible private capital into the UK housing sector is necessary for tackling the increasing shortfall of genuinely affordable homes across the country.
'The long-term investment horizon of our socially-conscious institutional investors means that we are able to provide patient capital to work with Kier Living and the HGP in delivering a new socially-inclusive, multi-tenure building model that helps alleviate the current housing crisis.'