Work will see the council’s current stock of 856 homes replaced with 3,112 homes of mixed tenure.

Regeneration work will increase council rented accommodation by 70% and build 400 low-cost home ownership properties.

Councillor Roger Ramsey, Leader of Havering Council, said: “This is the most exciting and ambitious Council home building programme in London, and I’m confident our new partner will be able to help us deliver our future vision for the borough.

“Forming this joint venture will allow us to provide high-quality new homes for existing residents and young people who want to stay in the Borough.”

Tim Wates, Director of Wates, said: “Wates Residential is delighted to have been chosen as the London Borough of Havering’s partner on this extremely exciting project, and we look forward to working with the Council as we build more than 3,000 high-quality homes over the next 12 years.

“As a family-owned business, we have always been committed to giving something back to the places that we build in.

“I am proud that we will not only provide crucial additional housing, but also significant benefits to the community through our investment in skills, training, education and jobs for local people.

“The ability to deliver wider community benefits through our long-term partnership is what will set this project apart.”

The first phase of the development is due to start late 2019 and the whole project is expected to be delivered over the next 12-15 years.