Banks Homes has announced plans to quadruple its housing completions by 2031. Its first target will be to double output by the end of 2027, before doubling it again in the next four years.
The County Durham-based firm has been developing a portfolio of residential sites across North East England and Yorkshire since its launch in 2023 and is looking to complete over 100 homes this year.
But with work progressing at sites in West Rainton, Yarm, Wynward and Hambleton in North Yorkshire, and construction set to start at several new locations over the remainder of the year, Banks Homes is set to increase its house completions to around 200 per year by the end of 2027.
The company currently has six planning applications in the system for over 550 homes across the North East and Yorkshire, with further applications to be submitted shortly, and recently won a competitive Homes England tender for the latest phase of the Cottingwood development on the northern edge of Morpeth, which will see 52 family homes being built on a 3.4-hectare site.
In the longer term, Banks Homes is working towards building at least 400 new properties every year within the next five years.
Russ Hall, managing director of Banks Homes, said: “We’ve made extremely pleasing progress over our first three years and have quickly established Banks Homes as an innovative, high-quality contemporary housebuilder within the North East and Yorkshire residential property markets.”
“We know there’s a lot of competition in the housing market, so have differentiated ourselves through the outstanding design and build standards we work to, the prime locations in which we place our developments and the use of sustainable technologies that future-proof our homes.”
“Our high specification contemporary homes have landed extremely well in the marketplace, while feedback from our customers has been extremely positive, in respect of both the Banks Homes customer journey and the excellent quality of our finished homes.”
“Passing three figures so quickly for our annual output is a real milestone for us, but we’re only just beginning to fulfil our ambitions and have a great deal more growth potential to realise.”
Banks Homes is expecting that its current live planning applications will reach their respective planning committees before the end of this year.
Russ Hall continued: “We’ve assembled a very strong team that has a huge range of housebuilding experience and are now focusing on giving young people the opportunity to learn their trade with senior colleagues’ support and guidance.”
“Doubling our output by the end of next year is an ambitious target, but we have the pipeline, resources and focus required to reach it and to then double it again over the following four years.”
