A £40 million deal has been struck to help fund a project to build 340 new homes in Chippenham.

Gresham House Residential Secure Income LP, a partnership that invests in shared ownership property, and developers Countryside Partnerships agreed the deal to fund 167 of the new build homes at Langley Park.

The project will see 340 houses and apartments built on the brownfield site, with construction set to begin in mid-2023.

And 159 of these properties will be shared ownership homes, to provide affordable housing, while the rest will be sold on the open market.

Countryside Partnerships’ divisional managing director, Marc Thompson, added: “This transaction will support the completion of the Langley Park development, delivering vital housing for residents.

“We are delighted to work with Gresham House on this development, which will have a real, positive impact for the local community.”

Narvinder Khossa, the director of new business housing at Gresham House, emphasised the importance of providing affordable homes in an area where the average house price is over ten times the average income.

She said: “We’re pleased to support the delivery of much needed, affordable housing in Chippenham, especially given the challenging macroeconomic environment”.

The shared ownership homes will have private gardens and air source heat pumps. The first builds are set to be completed by 2024.