County Durham based Prince Bishops Homes has been included in a list of the fastest growing 50 firms in the North East.
Turnover for the year analysed in the regional survey (2015/16) was up by over 20% to £2,325,768 and sales for this current financial year, exceed all targets.
A wholly owned subsidiary of not-for-profit registered housing provider, Derwentside Homes, Prince Bishops Homes is helping people to break free from generation rent and fulfil the dream of buying their own home by providing high quality and flexible housing solutions.
It offers an attractive rental product and can help tenants to become mortgage ready by providing a variety of support options.
Currently active on 10 sites across the North East - and with further plans to invest over £100m in to the construction of new homes by 2019 - Prince Bishops Homes has seen impressive growth and has now entered / made a second appearance in the Fastest 50 list.
A definitive list of the fastest growing companies in the North East, Fastest 50 is organised by law firm Ward Hadaway to highlight and celebrate the achievements of profitable, privately owned companies in the region that have grown their turnover by the largest amount in recent years.
A growing development programme for over 1,000 properties and increases in both profits and stock asset value have all contributed to Prince Bishops Homes’ recent success and projections for the current financial year, are also looking extremely positive.
In addition, a recent loan of £10m from Charity Bank - an ethical bank that lends to organisations with social purpose – in partnership with Unity Trust Bank, has provided additional funding to support Prince Bishops Homes’ unique, industry leading ‘Rent to Buy’ initiative.
The innovative model allows people who have lived in their home for four years the chance to buy it. In support of this, the tenant can benefit from half of any increase in the home’s value during this period, to be used towards their mortgage deposit.
This not only helps first time buyers to obtain a mortgage but prevents people from feeling excluded from the Housing market, due to price increases or inflation. The other 50% share - and all operating profits generated by Prince Bishops Homes - are put back into building more new properties, including both Rent to Buy plots and affordable homes with no HCA grant funding, via Derwentside Homes.
The organisation also offers a range of support mechanisms to assist customers in becoming mortgage ready, with a view to providing those who may think they have no option but to rent, a choice to either buy or remain a tenant.
The benefits of Prince Bishops Homes development programme, reach far beyond the limits of just delivering new homes. A much wider, positive impact on the local economy is being initiated through the creation and safeguarding of construction industry jobs and – to date - the provision of up to 28 new apprenticeships among its contracting business partners. Allied trades and industries also see rewards, as it is company policy to try and source goods and materials locally.
Just last month, Prince Bishops Homes announced that it had submitted a bid for over £30m of Homes and Communities Agency grant funding, to support its three year development programme. Should this bid be successful, these funds will be used to deliver affordable rent – and some social rented homes - for elderly and vulnerable people. Whilst the team will not know if the bid has been successful until January, early indicators seem positive and negotiations are well underway.