Social housing provider unveils biggest ever portfolio expansion for Stockton

A local social housing provider is set to expand its portfolio by 50 per cent with the delivery of its largest scheme to date.

Hellens Residential has taken on 50 properties on the new Jubilee Gardens housing estate in Stockton, the first phase of which was officially opened by councillor Nigel Cooke, cabinet member for regeneration and housing on Monday, December 3.

These new homes, on the Norton Road estate, make up almost 20 per cent of the Barratt Homes development, and will be offered on a Rent to Buy basis to customers who find themselves priced out of the housing market.

Kate Hellens, managing director of Washington-based Hellens Residential, said: “Having just celebrated our fifth birthday, I’m thrilled to be announcing such a significant expansion of our affordable homes portfolio.

“This scheme means that local people who may otherwise be unable to get on the property ladder have access to high quality properties in a place in which they want to live, giving them the opportunity to build a real, long-term home for themselves and their families, but at a manageable price.”

Under Rent to Buy - a government scheme - tenants take a subsidised rental lease that gives them time to save up for the purchase of their home.

When their lease comes to an end, they then have the option to buy the property outright, end their tenancy, or continue to rent their home.

The Jubilee Gardens houses will take Hellens’ homes portfolio to more than 150 properties across the region. With 19 properties now complete, the company expects to offer the remainder of the Jubilee Gardens homes to tenants by June 2019.

Hellens received grant funding from Homes England to help deliver the scheme.

Helen Fielding, senior specialist in home ownership and supply of Homes England, added: “’At Homes England, we are tasked by government to help the market deliver a home for everyone.

“So we are particularly happy to be able to support Hellens Residential and Barratt Homes deliver this opportunity for people to first rent, and then buy their own homes at Jubilee Gardens.

“We look forward to seeing the completion of the properties, and welcoming the prospective homeowners to their new homes.”