Mears has linked up with the council to spend £75m buying the homes and renovating them.

The key aim is to provide Waltham Forest with an alternative, affordable housing supply to replace the significant bed and breakfast accommodation costs currently incurred on homeless local people.

Mears has engaged funding partners to finance the purchase of properties on behalf of the client, while it will carry out refurbishment works and act as managing agent for the portfolio.

The contract will be operated by the council and Mears for 40 years and is valued at £75m.

The contract starts next month and the purchase and refurbishment phase will continue over a period of 24 months.