Latest results for the year to March 31 2023 show Hyde started construction on 2,105 homes compared to 859 last time as the impact of the coronavirus pandemic on its development programme eased during the year.

Hyde Group Chief Investment Officer, Guy Slocombe said: “It’s been another strong year, as we’ve maintained our development programme, despite the economic challenges the sector has faced.

“Importantly, we’ve been able to do this, while also making important investment in customers’ homes, helping to tackle building safety issues and continuing to improve energy efficiency. We continue to carefully balance strong delivery with a cautious approach to risk, given the current market uncertainty.”

Slocombe added that Hyde is looking to build between 1,500 and 2,000 homes a year over the next decade.

He said: “We’ll use a mixed-funding model to do this, including grant, debt funding, partnerships, joint ventures and institutional capital. As a not-for-profit organisation any surpluses are invested back into the communities we serve.”

Andy Hulme, Hyde Group CEO, added: “As a charitable organisation, it’s important we continue to build more affordable housing, while supporting our customers by delivering better services, and ensuring our homes are safe, decent and affordable.

“Along with our strategic partnerships with Homes England and the Greater London Authority, we’re continuing to work with our investor partners to build tens of thousands of new homes over the next decade.

“These homes are much-needed and also generate surpluses that enable us to further improve our existing homes, so we can build strong, sustainable communities for our customers.”