Orbit is reporting record growth having developed 1,788 new homes and achieved a 55 per cent increase in shared ownership sales in the operating period April 2016 to 31 March 2017.
The developer completed the homes throughout its operating areas in the Midlands, East and South with a revenue increase of 20 per cent against the previous year.
Recognised as one of the UK’s largest developing housing associations, Orbit has completed 5,926 homes since April 2013, putting it firmly on track to reach its target of 12,000 new homes by 2020. Of the 1,788 homes developed in the last 12 months, 210 were for market sale, 505 for shared ownership and 1,073 for affordable rent.
Mark Hoyland, interim chief executive at Orbit, said: “I am delighted to see Orbit achieve a record performance in its 50th year as an organisation. For the second year in a row we have delivered over 1,700 new homes, continuing our commitment of providing customers with a wide range of homes to meet their needs and aspirations.”
As well as a growing development pipeline, Orbit is reporting record year-end sales results for shared ownership having sold 529 homes, up 55 per cent on the previous year. Its market sale division also declared 206 sales, reporting a strong market for its wide range of products during the financial year.
Mark added: “Our shared ownership sales demonstrate this homeownership option is now widely recognised as an affordable product for people who are struggling to get on the housing ladder.”
A report published by Orbit and the Chartered Institute of Housing (CIH) earlier this year, highlights the progress of shared ownership, a scheme which enables hopeful homeowners the chance to buy part of their homes and pay rent on the remaining share.
Shared ownership 2.1, reveals 85,000 applications were made for the 8,000 shared ownership homes available last year across the UK. Orbit reports 96 per cent of customers would recommend the product to a friend.
In the last year Orbit has made significant progress on site at the £70m St Anne’s Quarter development in Norwich city centre and recently secured £850,000 grant from the government’s Estate Regeneration Fund for its plans to redevelop the Arthur Street estate in Bexley, south-east London.