Increased demand for new homes is driving up revenues at Wearside housebuilder Bett Homes, which is on course to achieve strong half-year sales.
The Sunderland-based business announced plans to plough £41m into constructing more than 250 new affordable North East homes last October, after securing a lucrative land deal.
The £73.3m turnover business, which employs around 190 people across the North East and Scotland, said it is now reaping the rewards of its development plans, after accruing impressive sales at several of its regional sales.
Leading the way is Addington Gate in Wallsend, a development of 66 properties which has just 15 remaining after a surge in sales that saw 12 properties sold in the first three months of 2015, generating more than £3m in revenue for the company.
Bett Homes’ managing director Scott Varley said: “The company is in a strong position at the end of the first quarter thanks to a very positive reaction to our new sites.
“Addington Gate certainly stands out, but our developments throughout the North East have seen an excellent sale rate, which we would attribute to the high quality of the new-build homes on offer as well as the availability of purchase schemes such as the government’s Help to Buy and our own Full Value Part Exchange offer.”
The firm said the increased demand for housing could also be attributed to current favourable market conditions. Low mortgage and interest rates combined with the recent stamp duty reforms is creating confidence for buyers and encouraging people to purchase.
Brian Murphy, head of lending at Mortgage Advice Bureau, said: “The next six months are shaping up to be the best-ever window to secure a low interest rate if you are looking to buy or remortgage.
“Today’s prices have never been bettered in modern times and given that a base rate rise is inevitable at some point, it is unlikely they will be surpassed in the years ahead.”
Bett Homes, which is part of the Avant Homes group, currently has 10 developments across the North East stretching from Northumberland to Teesside, including The Coppice in Palmersville, Vista in Whitburn and the recently launched Bassington Manor development in Cramlington.