1,000 new homes for North East

Jun 17 2009 by Peter McCusker, The Journal

ONE of the region's fastest-growing social housing companies has unveiled ambitious plans to build up to 500 homes this year, creating scores of jobs in the hard-pressed construction sector.

Newcastle’s Isos Group has secured £25m of bank funding for the programme, which will provide much needed, shared ownership and rented accommodation across the region.

While fewer private homes are being built, social housing firms are continuing with their construction programmes and last year built more than 1,200 in the North East. As unemployment rises and more homes are repossessed, their role is regarded as vital in providing good quality, secure accommodation.

Isos Group chief executive Keith Loraine said: “At a time when fewer houses are being built because housebuilders are suffering in the recession, it’s more important than ever that we keep building new homes. Not only can we house people who need new homes, but we can provide employment in the construction sector.”

Kevan Carrick, a partner in JK Property Consulting and policy spokesman for RICS North East, said: “Social housing companies were still building homes last year at a time when the private companies were withdrawing from the market. They find it easier to get the cash as they have good asset bases and have a steady supply of income from their rents.”