Sovereign housing association to deliver 50,000 homes by 2015

Under Sovereign's new development strategy it plans to build 1,064 homes in this financial year, 865 of which have already been identified. At least 276 of the new homes will be for affordable home ownership, Sovereign said.

A similar number of homes will be completed in 2013 and 2014. Under its plans Sovereign will deliver a balance of tenure types, which would include a number of shared ownership homes along with homes that would be available for local market rent.

"The top priorities of our development strategy are to ensure that we deliver the Homes and Communities Agency Affordable Homes Programme and to play our part in achieving Sovereign's aim of reaching 50,000 homes by 2015," said Phil Stephens, development and commercial director.

"Our recent successful bond issue has given us the financial strength and flexibility to continue delivering a substantial programme of new homes in our core operating areas in the coming years," said Stephens.

There is a gap in the market for properties that are available for market rent, which comes from the rising demand from people unable to buy their own homes, Sovereign said. It plans to build on what it said was its success in the West Country, which would enable it to deliver more affordable homes in the future.

The housing association built 957 new homes last year, which exceeded its target to build 720 new homes. In the years 2010 and 2011, the association built 622 new homes.

"This has been a very big year for the development team," said Stephens. "It has been challenging given the economic climate and the massive reduction in central capital funding. Nonetheless, we have brought a lot of new homes into the business.