2,002 new homes built, 2017-18
23% increase in total sales revenue, 2017-18
Doubling of shared ownership sales in the last two years
In a third consecutive year, Orbit has surpassed build targets and developed 2,002 new homes in the operating period 1 April 2017 to 31 March 2018.
The developer completed the homes throughout its operating areas across the Midlands, East Anglia, the South-East and London, with a revenue increase of 23 per cent.
Recognised as one of the UK’s largest house builders in the social housing sector, the 40,000-home landlord has achieved a record 103 per cent increase in shared ownership sales in the last two years. In 2017, Orbit sold 692 properties under the increasingly popular homeownership option.
Of the 2,002 properties completed in the last 12 months, 174 were for market sale, 539 for shared ownership and 1,207 for affordable and social rent. Orbit also ventured into the Private Rented Sector with the completion of Fordham House, a development of 82 high-quality apartments in the heart of Stratford-upon-Avon.
John Carleton, Executive Director of Property Investment at Orbit, said: “I am delighted to see Orbit achieve a record performance for the third consecutive year having now completed 8,000 homes since April 2013, putting us firmly on track to reach our 12,000 new homes by 2020 target.
“Our remarkable shared ownership sales clearly demonstrate how this homeownership option is now widely recognised as an affordable and popular product for people who are struggling to get onto the housing ladder.”
Orbit’s market sales division also declared 224 sales, reporting a strong market for its wide range of products with an eight per cent increase in the last financial year.
John added: “We are committed to providing a full range of high-quality properties to suit every stage of life, ensuring every generation can live in a house that they can afford, in a place they want to live.”
In 2017, Orbit made significant progress on site at the £80m St Anne’s Quarter development in Norwich city centre, with the first homes released for sale earlier this year. This summer will see the completion of Orbit’s award-winning regeneration scheme, 588-home Erith Park in the London Borough of Bexley.