We will build a range of high-quality homes within our means: a mix of new homes to meet need and provide wider opportunities, and replacement homes which create better places for our customers to thrive.

Building decent, affordable homes is fundamental to our purpose and has become even more important at a time when the country continues to face a housing affordability crisis.

However, the current environment for housebuilding is extremely challenging, with building costs increases running higher than the standard rate of inflation, interest rates rising and Government imposed rent caps taking £40m out of our surpluses over the period of this plan.

We need to recognise these constraints and cut our cloth accordingly, and while our long-term ambition remains, over the next three years we must only build what we can afford, honouring commitments we have already made. In Scotland, we have taken the very deliberate approach to deprioritise the development of new homes to focus more on the condition of existing homes.

Whilst building new homes remains an important priority for the Group, regeneration will play an increasingly central role as we seek to use our development capacity to make better places and ‘level up’ our poorer performing neighbourhoods.

Over the next three years, we will:

Build new homes to help address housing need and replace existing stock through regeneration.

Provide a choice of homes through a range of tenures, but with an emphasis on affordability.

Build high quality homes, that create better places and help reduce our carbon emissions.