BackgroundThe potential contribution of asset-based approaches to population health is increasingly being recognised. Asset-based community development (ABCD) aims to identify and build on community assets, including the knowledge and skills of residents. In 2015, ABCD was implemented across four housing estates in South West England. Two community builders worked with residents to increase social networks and support new and existing community groups. A community budget of £4500 was available to fund community initiatives. A year into the project, we aimed to assess implementation and impacts on wellbeing. Methods12 residents and 18 professionals participated in semi-structured interviews and focus groups to explore their experiences including the support received from the community builder, the process of accessing the community budget, perceived impacts of the funding, and personal impacts of being on the funding panel or receiving funding. Community builders invited members of the funding panel and individuals receiving funding to participate. Recruitment messages were circulated to the local professional networking forum and sent directly to the community builders, their managers, and the Steering Group. Framework analysis was used. FindingsResidents developed skills, confidence, enhanced community roles, and increased social contacts. Building on the skills and interests of local residents was crucial to initiating and sustaining a commitment to volunteering. The distribution of the community budget helped volunteers to feel valued and to overcome barriers to involvement. Community groups, including gardening, dance, and craft groups, were supported to become more sustainable or to extend their offer to the community. A photography exhibition promoted a positive image of the area and showcased the skills of residents. InterpretationGood progress was made in the first year of implementation, and early outcomes for residents indicate that the project is helping to promote wellbeing through enhanced social activities in the community. Increased skills and confidence among residents are important findings; these outcomes increase feelings of self-efficacy, a key component in models of health behaviour change. The study is limited by the short period of time the project has been running and the small scale of the intervention. Effects on social networks or longer-term, community-wide impacts on health and wellbeing cannot be identified yet. However, some transferable insights into the potential of ABCD approaches to enhancing wellbeing in disadvantaged areas have been identified. FundingNational Institute for Health Research (NIHR) Collaboration for Leadership in Applied Health Research and Care (CLAHRC) West, University Hospitals Bristol NHS Foundation Trust. SR's time is supported by NIHR CLAHRC West. EvdV's time is supported by Health Education England (Severn Deanery).