County Durham-based housebuilder, Homes by Esh, is on course to double its housing portfolio across the North East by the end of the year through its expansion strategy.
With mortgage rates in the next couple of months predicted to become more stable, Homes by Esh, which is part of Esh Group, is confident sales will continue to rise after maintaining healthy levels through 2022 and 2023. Four live developments comprising more than 600 new build homes have put the firm on a steady growth trajectory, which deputy managing director Colin Willetts claims has strengthened the business’ proposition.
Colin said: “With planning applications in for multiple sites across County Durham, our portfolio is expanding at a steady pace. While we have four live housing developments ongoing, we are strengthening our pipeline further through strategic land acquisition across the North East and anticipate that we will have seven live sites as we move into 2025.”
Homes by Esh has been working with Darlington Borough Council in a joint venture for over five years to improve the housing offer within the borough, with its largest development at West Park Garden Village on the outskirts of the town.
More than 400 new homes will be built, delivering a mixture of two and three-bedroom smaller homes and three and four-bedroom homes hitting the middle of the market. The location boasts brand-new green spaces, including West Park Nature Reserve which is the first new park to be created in the area for 100 years.
Two further developments are also underway with Elder Brook Park and Hurworth Meadows seeing strong demand from homeowners, while Homes by Esh’s more luxurious homes, a collection of four, five and six-bedroom properties will go to market at Havelock Park near Blackwell, later this year.
Homes by Esh has introduced a range of offers to support house buyers with their move, while encouraging first time buyers onto the property ladder. A Mortgage Subsidy Scheme offers £250 per month towards mortgages for two years while its Own New Rate Reducer programme gives you the same mortgage at a lower rate, resulting in smaller monthly payments.
Buoyed by a recent Family Building Society report which found that 68% of mortgage brokers are seeing an increased demand for mortgages despite rate fluctuations, Willetts added: “The market is understandably influenced by the widely publicised issues surrounding the cost of living and interest rates. We understand the challenges of the market and the uncertainty buyers may feel, and therefore have introduced our exclusive deals to support prospective homeowners and outweigh any small interest rate drops which are expected this year.”
