Homes England and Vistry Group sign long-term joint venture
Hestia is backed by a combined £150 million of capital investment and will focus on the delivery of high-quality, mixed-tenure communities at pace and scale
Homes England, the government’s housing and regeneration agency, and Countryside Properties, part of Vistry Group plc have signed a long-term investment joint venture to leverage the investments made by them to accelerate the development of large sites across England.
The new vehicle, named Hestia, is backed by a combined £150 million of capital investment by Homes England and Vistry. Hestia will focus on the delivery of high-quality, mixed-tenure communities at pace and scale, which will contribute towards the government’s commitment to build 1.5 million homes in this Parliament.
Hestia’s investment strategy will focus on identifying sites to bring forward vital new infrastructure and manage the construction of new communities of between 400 and 3,000 homes each.
This investment follows the December 2024 announcement of the £700 million extension to the Home Building Fund and it comes ahead of the launch of the £16 billion National Housing Bank, which is envisaged will unlock a further £59 billion of private sector investment in 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.
Stephen Teagle, Chief Executive - Partnerships & Regeneration at Vistry said:
This joint venture is a powerful example of what can be achieved when ambition is fused with collaboration. 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.
Our intention is also to pilot selling a proportion of de-risked land parcels to small and medium-sized housebuilders (SMEs) helping to increase the availability of land and stimulate growth among smaller developers.
Pat Ritchie CBE, Chair of Homes England, said:
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.
Notes to editors
The government announced a £16bn investment to create the National Housing Bank in June: Over 500,000 homes to be built through new National Housing Bank
The investment has been made using funding from the Home Building Fund which was extended in December 2024: Government financial boost for small and medium housebuilders
About Homes England
We are the government’s housing and regeneration Agency, and we’re here to drive the creation of more affordable, quality homes and thriving places so that everyone has a place to live and grow.
We make this happen by working in partnership with thousands of organisations of all sizes, using our powers, expertise, land, capital and influence to bring investment to communities and get more quality homes built.
About Vistry Group
Vistry Group is the UK’s leading provider of mixed-tenure homes. Our purpose as a responsible developer is to work in partnership to deliver sustainable homes, communities, and social value, leaving a lasting legacy of places people love. Operating across 26 regions, we build homes for those who need them right across the UK.
We sell homes on the open market through three respected brands: Bovis Homes, Linden Homes, and Countryside Homes. We are a multi award-winning housebuilder and the Group has again been awarded the 5 Star Rating by the Home Builders Federation following the latest industry’s Customer Satisfaction Survey. For more information go to www.vistrygroup.co.uk