New homes on the way in the North East

Prince Bishops Homes, the new company set up to boost the Derwentside housing market, has signed its first deal, bringing 15 of some 200 planned homes to the market.

Prince Bishops Homes has bought the homes from leading housebuilder Gladedale in North East England at four developments in Stanley and Consett. The homes will be made available for rent, with the tenants then able to buy their homes after four years, sharing in any equity gain over that time.

Prince Bishops Homes Chief Executive, Keith Tallintire said: "I'm delighted at the deal we have agreed with Gladedale. This is good news for those people who are currently feeling squeezed out of accessing quality homes to rent and buy, and will provide first time buyers with a unique opportunity to gain a foot on the property ladder. Our approach is a radical one, helping both local jobs, the local housing economy and local people in these tough times. Our plans are to invest approaching £18million for up to 200 homes over the next 18 months. We will also soon be launching a mortgage rescue scheme which gives residents who are struggling with repayments the chance to sell their home to PBH and continue living in the property as tenants, with the option to repurchase in the future."

Prince Bishops Homes was established last month as a subsidiary of Derwentside Homes, the registered social landlord set up following a transfer of nearly 7,000 homes from Derwentside District Council. In line with Charity Commission regulations for not-for-profit registered social landlords, Prince Bishops Homes is set up as a separate company with its own separate board of directors. All profits made by Prince Bishops Homes will be reinvested in Derwentside Homes' activities.

Len Worsfold, Managing Director of Gladedale in North East England, said: "In today's property market it can be difficult for people to purchase their first home, and at Gladedale we applaud the Prince Bishops Homes for this great initiative.

"The economy does not benefit from the housing market stalling so this scheme benefits both the consumer and the housebuilder.

"Our homes are designed with 21st century living in mind and completed with modern fittings and appliances. The scheme will allow tenants to access quality housing in and around Derwentside that would normally be out of their reach.

"The 15 homes bought from Gladedale are located in Stanley and Consett, where the convenient location and wealth of local amenities available have seen both towns blossom into real property hot-spots in recent years."