Vistry shares surged yesterday after it received £350m funding from the Government to build thousands of new affordable homes.
The London-listed housebuilder is among the first to have been allocated cash under Labour’s new social and affordable homes programme and will be able to build 3,028 homes with the money.
Shares rose as much as 18 per cent at one point on Tuesday, in a much-needed boost for new boss Adam Daniels, who has pledged to turn around the business.
Vistry has been chosen as one of 33 partners to build 300,000 homes over 10 years under the government’s £39bn scheme.
The company has been struggling amid a slump in demand and shares have fallen 51pc over the past twelve months.
