This week’s exclusive interview is with a company that builds a mix of open-market and affordable housing in London and across the South East of England, Hyde New Homes, and speaks to its head of marketing, Minnie Dando.
Hi Minnie, what developments is the company working on at present?
We have 32 projects on the go at the moment; across London, Kent and Sussex. Some of these are already launched and we are still working on producing the marketing collateral of some others for upcoming launches. We recently launched the final phase of the Packington regeneration, Packington Square in Islington, as well as our Wing of Camberwell scheme and our New Wave development in Hove, so we are putting a lot of effort into these. County House, an even more recent launch, is the first development we have been involved in that is part of the London Living Rent Scheme, which is very exciting for us.
Are there any places in particular where demand has been very strong?
Yes, there are quite a few developments which seem to be particularly popular. Heron Fields in Sittingbourne is doing very well. This 333-home, mixed-tenure development is beautiful, with houses of all shapes and sizes, and approximately a third of the homes have already been delivered. Packington Square in Islington is also very desirable: the local area is vibrant and friendly, the links to central London are great and there is the added bonus of canalside living in central London. We have also experienced high demand for our Shared Ownership schemes in Dartford, Hither Green and Peckham recently, so I would say that it is the transport links into London which are the real clinchers.
What is it about your sites and properties that stands you out from a very busy new homes market?
At Hyde we offer quality, award-winning design with a comfortable specification outstanding sustainability features and we seek to build in desirable locations. I am sure that is exactly the same as all my competitors would say, but we work hard with our joint venture partners to understand the needs of the areas we develop in, as well as our target market. Having partners means that we have access to expertise in every facet of development, such as construction and local area knowledge, enabling us to create the best homes we can. We also plan for sustainable communities, as evidenced by our successful regeneration projects at Packington, Stonebridge and Bermondsey Spa. We build blind tenure schemes, comprising homes for private sales, Shared Ownership sale and affordable rent. The surplus generated from the sale homes is put straight back into building more affordable homes.
Who is buying at the moment? Is not qualifying for mortgages keeping out many younger potential buyers?
That’s an interesting question, the housing market as a whole seems to be in a perpetual state of flux. The people we have seen buying properties range from first-time buyers; those starting families and looking for more space; second home owners in our properties in Sussex or on the Kent coast; and investors looking to increase their portfolio.
As an industry issue, mortgages are a concern for many – however, we facilitate a number of options to help purchasers, such as Shared Ownership, Second Steps, Help To Buy, London Living Rent and Intermediate Market Rent for those who cannot afford to buy at the time being. First-time buyers are one of our main concerns and we do everything we can to help get people on the property ladder, as we are aware that besides mortgage issues, the process of buying your first home can be pretty overwhelming. We have step-by-step guides and videos on our Hyde New Homes website and a team of experienced sales consultants on hand to provide guidance.
Shared Ownership and other affordability schemes play a major role in your business - just how important are they to homebuyers in the areas you operate in?
Our main areas of business include London and the South East, two of the most diverse areas in the country, and therefore we deal with a wide range of customers with equally diverse needs. Shared Ownership is one of a number of homeownership solutions we offer; Help to Buy is another that stands out as particularly popular. First-time buyers are an important customer base for us, young professionals and families hoping to get on the property ladder in particular. Another scheme is Second Steps, where we enable mobility for shared owners to buy a larger property, to accommodate their growing family, for example.
Without the help of Shared Ownership and the other schemes on offer, many would not be able to consider buying as an option.
Is the 'Bank of Mum and Dad' also a major help to some of your buyers?
Recent research from Legal and General has revealed that the ‘Bank of Mum and Dad’ is predicted to lend more than £6.5bn this year, a 30% increase on last year. This figure is not surprising to me. We deal with a large number of first-time buyers (we currently have some 3,500 shared owners in management) and this is something we are seeing more and more of. It is a shame that people are driven to go to the Bank of Mum and Dad because house prices are so high, but fortunate that this is an option for some. We offer a range of purchasing options, but saving up for a deposit is still difficult for many young people, so this is a consistent source of original funding throughout.
Whoever wins the upcoming election, what are your hopes for the future of housebuilding in the UK?
I do not wish to enter into political conjecture, but being a mother myself, with two young adult daughters who struggle or have struggled to get onto the property ladder, I wish to see a combined effort of housing provision in areas which are affordable to first-time buyers, coupled with improved and more affordable connectivity, central London house prices are very high to say the least, so the solution seems to be to maximise housing supply in areas around London, from where commuting is affordable and easy. Of course we have no way to predict what the future holds, but we will always continue to do what is best for our customers and remain true to our social purpose..
What's in the pipeline for Hyde New Homes over the next few months?
Something I am very close to is Helix and Remix, the final two phases of our £225m regeneration of our New Stonebridge Park in Harlesden, which will provide some 360 new homes for sale. We have been working on the project for twenty years and it was the first scheme I worked upon Joining Hyde three-and-a-half years ago; when we launched the first sale homes. We are very proud to be part of the on-going regeneration of London and this multi-award winning regeneration project. It has brought huge benefits to the 4,000 strong culturally diverse community, provided for the rehoming of the original tenants, and the building of open spaces to replace the previous 1960s tower blocks. It also boasts an award-winning nursery, a sports pavilion with pitches and the Stonebridge Centre which houses a primary care centre, Tesco Express and offers a range of courses and events besides hosting a Citizens’ Advice Bureau makes a substantial contribution to this. Helix and Remix won’t launch until well into next year, but we are working hard with our JV partner Hill to make sure it is all running to plan.