Peabody has increased its annual spend on development, investing £550m in new homes in 2022/23 despite cutting back on original new build plans.

In an unaudited trading update published today the £1.1bn-turnover housing association, which has recently merged with Catalyst, said it built 2,399 homes overall in 2022/23, up from the 1,435 homes completed by the two organisations the previous year.

Its spend of £550m on new homes is a 14% increase on the total amount spent on development in 2021/22 by Peabody and Catalyst, which invested £355m and £128m respectively.