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Barratt Homes North East reveals £17.5m affordable housing plan

Housing developer Barratt Homes North East has announced plans to provide £17.5m worth of affordable housing across the region.

The announcement comes after a recent report, produced by the National Housing Federation (NHF), which highlighted that the average person in the North East would need a £10,000 annual pay rise to avoid being priced out of the homeownership market.

The housebuilder, whose portfolio currently includes the Lakeside View development in Newcastle, Teal Park Farm in Sunderland and Burton Woods in Durham, is set to provide 173 much needed affordable homes across the North East over the next few years

Barratt Homes is currently building a selection of high quality new homes in the local area.

Neil Milburn, Development Director at Barratt Homes North East, said: “As a five-star housebuilder, we are committed to creating thriving communities and providing affordable housing is part of this.

“Demand for housing is high and it is great we will be providing these 173 affordable homes across the region, which will be available for rent or discounted market sale for local people.”

Ajay Jagota, founder and Chief Executive Officer of sales and lettings business KIS, has welcomed investment into the region although is eager to hear more information regarding the project’s specifics.

He said: “It is of course great news for the North East to hear of committed investment although, at present, plans are a bit vague. I want to hear more details about whether the 173 homes will be available to buy or to rent. The North East is actually the UK’s most affordable region to rent a home. We can only judge the true impact this announcement has on the local market and economy when more information is released.”

Barratt is expected to release further details of the development in due course.

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