Waterstone adding more affordable homes to its housebuilding projects
WATERSTONE Homes has plans to expand its housebuilding activities into the mainstream market.
The announcement, which is part of the company’s growth strategy, is set to diversify its residential offering, adding more affordable homes to its housebuilding projects.
As part of the expansion, the family firm will continue to offer the premium houses under the Waterstone Homes brand, while also introducing a new range of smaller properties through its new subsidiary company.
The new subsidiary, Abode by Waterstone LTD, will specialise in building smaller scale homes, which it says will offer “the high quality and stylish design that Waterstone Homes is renowned for, but at a more competitive price”.
There are plans to complete more than 100 of the new-style homes across south Wales by the end of 2020.
Waterstone Homes’ change in direction follows a year that has seen the company sell more than £19.5m worth of homes in the past 12 months. The new subsidiary will look to provide customers with a greater choice of collections tailored to all budgets.
The company’s expansion into mainstream housebuilding comes in response to market trends and a demand from prospective customers for a more competitively priced housing range.
Lee Woodfine, managing director at Waterstone Homes, said: “We pride ourselves on being a housebuilder that adapts to public demand and market trends to ensure that we continually offer homes that meet our customers’ changing requirements.
“Over the last few years, we have seen a significant rise in the number of requests for smaller scale properties from individuals wanting the Waterstone Homes style and quality, but in a more affordable range of homes.
“Diversifying into new markets was the obvious next step for Waterstone Homes, enabling us to grow as a business by attracting a broader range of customers, while also fulfilling our vision of being able to offer everyone – regardless of their budget or home-owning history – the ability to have a beautiful, quality home.
“This move will enable us to offer customers real choice – it is a very exciting time for Waterstone Homes.”
Waterstone Homes will look to offer luxury four- and five-bedroom homes on small, exclusive developments of around 10 to 30 plots. In comparison, Abode by Waterstone will comprise of larger developments of approximately 50-100 homes, containing a mixture of two-, threeand four-bedroom properties.
Whereas Waterstone Homes’ properties retail at an average cost of £650,000, the new more affordable homes will be priced between £130k and £375k, varying between developments, and will be available to purchase via the Welsh Government’s Help to Buy Scheme.
The first new Abode by Waterstone development, located at Coed Darcy in Neath Port Talbot, is under construction. The £18m scheme will consist of 93 private homes and apartments for sale, as well as 50 affordable homes. Mr Woodfine added: “With their reduced size and price compared to our other homes, Abode by Waterstone’s properties will appeal to everyone from first and second-time buyers, looking to move up the property ladder, to home-owners looking to downsize.
“The properties will not follow the same format and style at every location, which will allow us to ensure that homebuyers have homes that are suitable to the setting and a style that’s unique to the individual development.
“Our aim is to lead in quality and style within the mainstream property market.
“We will achieve this through smarter building approaches and by continuing to employ high quality tradesmen.
“We’ve taken a great deal of care and time building our reputation, and we are confident that our move into the mainstream market will enhance this, while strengthening our position within the industry,” he said.