Vistry has announced it will cut around 200 jobs as a result of its restructuring to focus on affordable housing partnerships.

The housebuilder, in an update today, also said its plan, which will see it close five regional business divisions, will mean a £40m hit to its profit.

It now expects to make £410m in adjusted pre-tax profit in 2023, rather than £450m as originally stated. Vistry said integrating its housebuilding division into its partnerships arm is expected to save £25m a year, on top of £60m annual savings due to the acquisition of Countryside in 2022.