Paradigm has increased its annual development by 17%.

The 16,000-home association, in its financial statements for the year to 31 March, said it completed 522 homes in 2023/24.

This is up on the 446 it delivered last year and means that it has comfortably beat its target of 450.

It said: “Our strategic view is that the development of new homes is a central part of our corporate mission. It represents the application of our financial resources to our main charitable purpose, which is to house as many people in housing need as we sustainably can.”

The increase is despite Paradigm last summer reducing its build target for 2021-26 from 2,250 to 1,950 homes due to the “challenging economic environment”.

In today’s statements, it said: “The development pipeline at the end of the year is 990 homes, with 637 new plots having been secured during the year.