The sale of the land led to a build contract for 205 homes to Inland Partnerships, the construction division of the Group.

The combined value of the sale is £56.4m and the proceeds will be used to reduce borrowings while the build contract has increased the forward order book for partnership housing to £219.7m.

The group now has 1,513 homes under construction on behalf of its partners.

Planning consent for a new urban village at Cheshunt Lakeside was achieved in 2019, with approval granted for 1,725 new homes, as well as significant commercial space and associated infrastructure.

Inland Homes also confirmed it has received a resolution to grant planning permission, subject to the signing of a Section 106 agreement, for a residentially led, mixed-use scheme of 131 homes and c. 2,000 sqm of commercial space at Thames Road, Barking.

Chief Executive Stephen Wicks said: “We are delighted to announce the land and build sale at Cheshunt Lakeside, as well as the granting of the planning permission at Thames Road, Barking.

“These projects demonstrate how the Group is continuing to make further tangible progress in the delivery of our strategic objectives – reducing our net debt and growing both our partnership housing and asset management areas of the business.”