Homes England and Countryside Properties, part of Vistry Group plc, have entered into a long-term investment joint venture designed to speed up the delivery of large housing developments across England.

The new vehicle, named Hestia, is backed by £150 million of capital investment from both partners. It will focus on building high-quality, mixed-tenure communities at scale, supporting the government’s ambition to deliver 1.5 million homes during this Parliament.

Hestia will target sites capable of accommodating between 400 and 3,000 homes, with investment aimed at unlocking essential infrastructure and driving construction at pace.

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The move follows December 2024's announcement of a £700 million extension to the Home Building Fund and comes ahead of the launch of the £16 billion National Housing Bank, which is expected to leverage £59 billion of private sector investment into UK housing.

Matthew Pennycook, Housing and Planning Minister, said: "Rapidly growing the pipeline of large mixed tenure sites across the country, making more use of Modern Methods of Construction, and backing SME housebuilders are all essential to achieving our Plan for Change target of building 1.5 million homes in this Parliament.

"By mobilising private capital alongside government investment, this significant new joint-venture will bring forward more high-quality, mixed-tenure developments and deliver thousands of new homes to buy and rent."