Homes England, the Government’s housing and regeneration agency, and Countryside Properties, part of Vistry Group plc, have today announced the creation of a new long-term investment joint venture, Hestia, backed by a combined £150 million of capital investment.

Hestia will focus on the rapid delivery of high-quality, mixed-tenure communities across England, supporting the Government’s commitment to deliver 1.5 million homes during this Parliament.

The new vehicle will concentrate on large-scale developments, bringing forward vital new infrastructure and managing the construction of communities ranging from 400 to 3,000 homes. By leveraging the expertise and investment capacity of both Homes England and Vistry, Hestia will accelerate the pace and scale of housing delivery, ensuring diverse and sustainable places to live.

This joint venture follows the Government’s December 2024 extension of the Home Building Fund by £700 million and comes ahead of the launch of the £16 billion National Housing Bank, expected to unlock a further £59 billion in private sector investment for 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.”