Edinburgh, United Kingdom (PressExposure) October 23, 2009 -- Two projects in North East Scotland are beginning construction within weeks of one another - Broadshade in Westhill (announced 01 October) and King's Gate in Arbroath. In addition, work will soon be underway on Stewart Milne Homes' southern-most project in Stamford, Lincolnshire; a significant step for the company's planned expansion into the English market.
John Slater, Group Managing Director - Homes, comments:
"Stewart Milne Homes maintains a competitive edge by ensuring we fully understand and provide what buyers need, and in the current market conditions this has been as important as ever. Using market research to good effect, we stay on top of the ever-changing consumer challenges and ensure we are supplying buyers with what they need to keep them moving - from growing families to first time buyers.
"Our strategy is delivering well, particularly as the market has begun to pick up. In our North East Scotland division alone, we have sold out on two developments in just two weeks whilst six sites are down to the last two remaining units.
"We are now looking at what the future is likely to bring and how we can ensure we are equipped to take advantage of it. With September showing a third consecutive month of house price rises, the Bank of England reporting a continued rise in mortgage approvals over the last year and interest rates remaining low, there is a good indication of an upcoming growth in the demand for homes, for which it is vital we are ready. Clearly the availability of mortgages and the willingness of lenders to return to the sector will be a fundamental component in enabling those who wish to buy being able to do so.
"As we have existing developments completing, we are making sure that when buyer volume increases we have the appropriate properties to offer them. North East Scotland has remained the most buoyant of regions throughout the last few years and the two projects we are introducing reflect recent economic and population growths in the respective areas. The new development in Bonnyrigg is further extending our portfolio within the eastern side of the Central Belt and will increase our offering to the Edinburgh-based market along with the recently introduced project in Prestonpans. We are especially excited with the launch of the development in Stamford - our most southerly project in the UK. This is an extremely positive step for the company; this sees us moving forward with our plans of UK expansion, albeit at an appropriate rate for the economic climate and presents the opportunity to further establish our brand within England."