Under the top 20 ranked social landlord’s development strategy, 1,064 homes will be built in this financial year, 865 of which have already been identified.

At least 276 of the new homes will be for affordable home ownership. A similar number of homes will be completed in 2013/14.

Development and commercial director Phil Stephens said: “The top priorities are to ensure that we deliver the HCA Affordable Homes Programme and play our part in achieving Sovereign’s aim of reaching 50,000 homes by 2015.”

“Our recent successful bond issue has given us the financial strength and flexibility to continue delivering a substantial programme of new homes in our core operating areas in the coming years,” he added.

Sovereign’s development will include a significant number of shared ownership homes, as well as a growing number of market rent properties in key locations.

“Market rent represents a definite gap in the market, given the rising demand from people unable to buy their own homes,” said Stephens.

“We will be looking to build on the positive experiences we have had so far letting homes at market rates in the West Country, and not only develop a broader portfolio of properties, but also diversify our revenue streams to enable us to continue providing affordable homes into the future.”

“This has been a very big year for the development team,” Stephens added.

“It has been challenging given the economic climate and the massive reduction in central capital funding. Nonetheless, we have brought a lot of new homes into the business.