A YORKSHIRE-BASED housebuilder plans to build hundreds of homes on newly-acquired land, as the housing market shows signs of a sustained recovery.
Beal Homes has signed a deal to buy an extra 30 acres of land at Kingswood Parks, between Hull and Beverley, for an undisclosed sum, from the Kingswood Parks Development Company.
The contract opens the way for Beal Homes, which celebrated 45 years in business this year, to build 450 homes with an estimated sales value of more than £60m. Since 1994 Beal Homes has completed more than 600 homes in Hull’s Kingswood district.
Richard Beal, the chairman and managing director of Beal Homes, said: “This is a very significant contract, which secures a large area of prime development land for Beal Homes, in what is generally recognised as Hull’s most popular residential area.
“Our success in selling homes here over the years, along with the improving housing market, has encouraged us to sign this agreement with the Kingswood Parks Development Company, which should see Beal Homes building here for up to another seven years. This will provide long-term job security for our tradesmen and local contractors.
“It will create many new job opportunities as the market gathers momentum.”
Mr Beal said that further land acquisitions were in the pipeline. It’s anticipated that Beal will buy more land in the village of Willerby, near Hull, soon.
Beal Homes, which employs 100 staff, expects to achieve turnover of £25m this year. A spokesman said Beal Homes was on schedule to build 130 homes this year, with 120 homes already sold this year, compared with 95 completions in 2012.
Mr Beal added: “A more positive economic outlook, growing consumer confidence, improved access to mortgages and the introduction of the Government’s Help to Buy scheme have all contributed to re-growth in the housing market this year.”
Beal Homes is also planning to move to a new £1.5m, 11,000 sq ft, purpose-built headquarters, with a housebuyer showroom, at the Bridgehead Business Park, in Hessle.
The move from Hedon Road in Hull will take place in the next three months. In recent weeks, a number of influential surveys have found evidence that the UK housing market is undergoing a revival.
Earlier this week, a study found that house prices had risen at their fastest rate in more than six years.
Prices recorded a 0.5 per cent month-on-month increase in September, marking the highest monthly increase since May 2007, according to property analysts Hometrack.