One of the largest providers of affordable housing in the South of England, Sovereign Housing Association, has announced it will build more than 3, 000 new homes over the next four years, paving the way for jobs in the building construction industry.
The ambitious plan will see 1, 064 new homes built by the end of this financial year, 865 of which have been already identified, the housing association confirmed last week. Under Sovereign’s new development strategy at least 276 of the new homes will be for affordable home ownership, forecasting a similar number of homes to be completed in 2013/14.
Development and Commercial Director at Sovereign, Phil Stephens, said: “The top priorities of our development strategy are to ensure that we deliver the HCA Affordable Homes Programme and to play our part in achieving Sovereign’s aim of reaching 50,000 homes by 2015,”
“Our recent successful bond issue has given us the financial strength and flexibility to continue delivering a substantial programme of new homes in our core operating areas in the coming years.”- added Mr Stephens.
It was revealed that Sovereign’s development will include a significant number of shared ownership homes as well as a growing number of market rent properties in key locations.
Mr Stephens commented that there is a definite gap in the market rent properties due to the rising demand from people unable to buy their own homes.
He said: “We will be looking to build on the positive experiences we have had so far letting homes at market rates in the West Country, and not only develop a broader portfolio of properties, but also diversify our revenue streams to enable us to continue providing affordable homes into the future.”