Vistry is definitely not an asset-light NVR clone; it deals with bureaucratic, slow partners with operations that require carrying a large inventory of land on the balance sheet. However, following its transition to the partnership model, Vistry has positioned itself to be one of the main beneficiaries of the new 10-year £39B Social and Affordable Homes Programme. The transition road to the partnership model was far bumpier than the market anticipated, and the numbers are not supporting the story. This created extreme pessimism following a hallucinated optimism.