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Landlord begins work on new homes
3:54pm Sunday 27th July 2014 in News
WORK on three housing developments for families and the elderly has started in Stanley.
Social landlord Derwentside Homes is building seven bungalows for sale, eight houses and 22 bungalows for rent to buy and 30 bungalows for affordable rent on sites in the town and at East Stanley. The total investment is £5.6m.
Prince Bishops Homes, a subsidiary of Derwentside Homes, will look after the rent to buy homes.
Tenants will have the option to buy their home after they have been tenants of the social landlord for four years and could share any rise in value while they have been tenants.
Stephen Melvin, Derwentside Homes’ director, 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 grants totalling £340,000 from the Homes and Communities Agency under the Government’s 2011-2015 Affordable Housing programme.
The builder for the three developments is the construction firm Turney Wylde .