Housing association Sovereign said it is on course to deliver over 1,500 new homes this year – an increase of 30% on last year – despite facing rising costs and development delays.

The 61,000-home social landlord said in an update to the City that “ongoing economic challenges” were continuing to impact the organisation, with the organisation reporting a sharp drop in the value of its retained surplus in the three months to December 22, despite rising turnover.

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