Back
News

Inland Homes seeks jv partner for affordable housing drive

Inland Homes is seeking a joint venture partner to bring forward new schemes through its affordable housing arm, Rosewood Housing.

The developer launched the registered provider last year in a move to diversify its business streams.

Chair Terry Roydon said: “We have identified a further pipeline of new opportunities that are a mix of shared ownership, social and discounted market rent units and will be seeking a joint venture partner to move this business forward.”

Inland posted a pretax profit year-on-year increase of 1.9% to £5.5m, for the six months to 31 December 2018. It reported a 16% revenue decline to £51m, as it expected.

Its private housing performance dropped, with completed homes down 16% to 81 and forward sales revenue down 50% to £19.3m.

However, its partnership housing division income tripled to £15m, and its order book increased 326% to £140m, with 496 homes under construction.

Inland is at advanced stage discussions with a housing association for the forward funding of its £95m Barking scheme.

Roydon said: “The current market conditions in the south and south-east are showing signs of a slowdown, but the demand for new homes continues to significantly outstrip supply.

“Our ability to secure partnership housing deals alongside private house-building balances our business model during these times of uncertainty.”

Stephen Wicks, chief executive at Inland Homes, said: “Despite well-reported political and economic uncertainty, demand for new homes continues to significantly outstrip supply.

“With our high-quality land holdings, the business has a strong platform to complete its transition from a business that was predominantly focused on land trading to a business predicated on delivering our medium-term annual target of 500 homes for sale and 500 homes for partnership housing.”

To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette

Up next…