Partner Article

Gentoo looks to market recovery

SUNDERLAND housing group Gentoo has enjoyed the busiest month in its history in terms of reservations and has predicted brighter times ahead for the region’s property market.

The organisation saw reservations on new homes in April beat its previous best month by 30%, with bosses hailing signs of market recovery, despite the threat of a public sector jobs cull and ongoing stringent banking conditions.

Gentoo said activity was likely to increase in the coming months with several new developments planned.

It will deliver 443 new homes over the next 18 months, with help from a £34m investment from the Homes and Communities Agency, provided as part of the Government’s Kick Start funding scheme.

Jill Haley, head of new homes, marketing and customer Care at Gentoo Homes, accepted that impending public sector redundancies would undoubtedly affect business, especially since the public sector is one Wearside’s major employers.

However she put the surge in business down to the organisation’s efforts to meet the increasing demands from customers living under tougher financial constraints.

She said: “The market is very different to what it’s ever been. I think the recovery isn’t as a result of one particular thing, it’s about being right on the button.

“It’s no longer simply enough just to have a fantastic product, you have got to deliver the needs of the consumer as well.”

“Also, mortgage availability is more encouraging and a lot of mortgage organisations are accepting 5% developer deposits.

In the coming months Gentoo will be releasing properties for sale at its new development in Hutton Rise, Houghton-le-Spring.

This was posted in Bdaily's Members' News section by Ruth Mitchell .