L&Q is to buy Trafford Housing Trust in a deal that the two housing associations have said will unlock billions of pounds of investment in the North-west of England.

Announcing the acquisition, financial details of which were not revealed, L&Q’s chief executive David Montague said Sale-based THT would act as a gateway to the region, where L&Q wanted to build more homes for social rent.

L&Q and THT said they would “work closely with local authorities in the North-west to ensure that both new and existing homes meet local needs, including homes for the over-55s and for those with specialist needs”.