Housing association Sanctuary is likely to scale back its development programme following its impending merger with troubled housing provider Swan, according to a ratings agency assessment.

A research note by S&P Global issued yesterday said that 106,000-home association Sanctuary, which has previously set out plans to build 15,000 homes between 2020 and 2028, “would likely take measures to scale down its own development program to accommodate the business combination and mitigate other sector risks”.

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