Streamlining operations will result in some job cuts while investors will receive £1bn over next three years

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The British housebuilder Vistry is to shift its focus solely to social housing as soaring mortgage costs hurt sales completions across its wider business.

The strategic shift was welcomed by investors which sent shares in the company, which acquired the affordable housing specialist Countryside Partnerships last year, soaring by almost 14%, making Vistry the biggest riser on the FTSE.