Homes England has agreed a “milestone” £40m loan to accelerate a retirement living scheme in Watford.

The funding will be used by Audley Group, along with backing from Blackrock Real Assets, to provide 255 mid-market retirement homes in the group’s Mayfield Villages portfolio.

The loan, through the government’s £4.5bn Home Building Fund, is one of the first instances of Homes England providing funding for a mid-market retirement living project.