Two new neighbourhoods will be built at London’s Queen Elizabeth Olympic Park following a funding injection from Homes England, the government’s housing delivery agency.

More than 1,500 new homes, including 450 affordable homes, will be created across the two communities, which will be known as East Wick and Sweetwater.

Schools, green spaces, business and creative space, leisure and community facilities will also be developed at the two sites.

Homes England have agreed a £78 million loan to fund the first four phases of the scheme, being developed by a joint venture between Balfour Beatty Investments and Places For People on land owned by the London Legacy Development Corporation (LLDC).

The loan is part of the Government’s £4.5 billion Home Building Fund, which provides development and infrastructure finance to home builders.