Housing association to invest in building programme over next two years

Housing association Aster Group has committed to invest nearly £600m in its building programme over the next two years.

The £585m commitment includes a planned £295m investment in the year to the end of March 2025, Aster’s largest ever annual build programme.

As a result, the housing association which manages over 37,000 homes in the South and South West, estimates it has the capacity to deliver just under 2,300 new homes by the end of March 2026.

The programme of works in plan includes around 300 homes a year funded by Aster’s Strategic Partnership with Homes England.

Aster is a leading housing association partner of community land trust (CLT) projects.

Up to seven CLT partnership schemes are anticipated to start on site in 2024, including 12 homes for affordable rent in partnership with Longhope CLT in Gloucestershire, and 39 homes for social rent in partnership with Transition Homes CLT in Totnes, South Devon.

Amanda Williams, Chief Investment Officer at Aster Group, said: “The housing crisis is worsening and it’s vital that we respond to that by investing more than ever in our delivery programme.

“There’s no doubt that the housebuilding sector has had to contend with a challenging economic landscape, and we’ve not been prepared to sacrifice quality over volume.

“Despite these difficulties, the need for affordable housing remains critical so it’s essential that we strive to be ambitious with our build programme. This year our programme includes further investment into London, building upon a successful 12 months with 155 much needed affordable homes under construction.”

Aster delivered 997 new homes in the year to the end of March 2024, including 922 affordable homes, building on the previous year when it was announced as one of the 10 most-active developers in the social housing sector.