A County Durham town is set to benefit from three new housing developments that will help to regenerate the local community and provide a much needed housing boost for local home buyers.
North Durham housing provider, Derwentside Homes, has commenced work on the developments in Stanley, which sees a significant investment totalling £5.6 million.
The developments recognise the real need for older person’s accommodation and different tenure types within this area and the wider region. They provide high quality accommodation and build on the success of Derwentside Homes’ award winning housing schemes throughout County Durham.
Work has recently commenced on all three schemes which will provide seven bungalows for sale, eight houses and 22 bungalows for rent to buy and 30 bungalows for affordable rent. The three schemes in Stanley and East Stanley are located within easy reach of the town centre and local amenities.
Prince Bishops Homes, a subsidiary of Derwentside Homes, will provide tenants with the opportunity to get onto the housing ladder through their rent to buy scheme as part of the Homes and Communities Agency’s (HCA) ‘Build to Rent’ fund. The fund, which was launched by the Government in 2012, aims to boost the number of privately rented homes and develop new opportunities for investment in housing. The Prince Bishops Homes build to rent scheme provides tenants who have rented a Prince Bishops Homes property for four years, the opportunity to take an option to purchase their home and share in any increase in value over the rental period. This share can then be used as a deposit when purchasing the property.
Stephen Melvin, Director of Operations at Derwentside Homes, said:
“All three developments will go a long way to meeting the housing needs for family and elderly accommodation within the area and will provide choice for local buyers looking to purchase a brand new home or to get a foot onto the property ladder.”
Two of the schemes have received grant funding of £340,000 from the Homes and Communities Agency as part of the Government’s 2011/2015 Affordable Housing programme.
The three schemes are being constructed by Turney Wylde on behalf of Derwentside Homes and are all due for completion in early in 2015.