High-end Welsh housebuilder Waterstone Homes has announced plans to expand its housebuilding activities into the mainstream market. PHPD reports.
Waterstone Homes is a family firm, best known for building larger, luxury homes in sought-after locations across Wales and the South west. As part of the company’s plans for growth it has recently announced that it will diversify its residential offering, adding more affordable homes to its housebuilding repertoire.
While the business will continue to offer premium houses under the Waterstone Homes brand, it is also introducing a new range of smaller properties through a new subsidiary company: Abode by Waterstone.
The new company will specialise in building smaller scale homes at a more competitive price, while maintaining the high quality and stylish design for which Waterstone Homes is renowned. It has plans to complete more than 100 of the new-style homes across south Wales by the end of 2020.
The shift in direction follows a highly successful year for the business, which has seen the company sell more than £19.5m worth of homes in the last 12 months. In the last few years, Waterstone Homes has created more than 500 homes across South Wales and the West of England.
Market demands
The company’s expansion into mainstream housebuilding comes in response to market trends and a demand from prospective customers for a more competitively priced housing range.
Lee Woodfine, Managing Director at Waterstone Homes, said: “We pride ourselves on being a housebuilder that adapts to public demand and market trends to ensure that we continually offer homes that meet our customers’ changing requirements.
“Over the last few years, we have seen a significant rise in the number of requests for smaller scale properties from individuals wanting the Waterstone Homes style and quality, but in a more affordable range of homes.
“Diversifying into new markets was the obvious next step for Waterstone Homes, enabling us to grow as a business by attracting a broader range of customers, while also fulfilling our vision of being able to offer everyone – regardless of their budget or home-owning history – the ability to have a beautiful, quality home. This move will enable us to offer customers real choice – it is a very exciting time for Waterstone Homes.”
Dual strategy
The focus for Waterstone Homes will continue to be luxury four- and five-bedroom homes on small, exclusive developments of around 10 to 30 plots. Abode by Waterstone will comprise of larger developments of approximately 50-100 homes, containing a mixture of two, three and four-bedroom properties.
The company explained that while Waterstone Homes’ properties retail at an average cost of £650,000, the new more affordable homes will be priced between £130k and £375k, varying between developments. They will also be available to purchase via the Welsh Government’s Help to Buy Scheme.
The first new development, located at Coed y Darcy in Neath Port Talbot, is already under construction. The £18m scheme will consist of 93 private homes and apartments for sale, as well as 50 affordable homes.
Lee added: “With their reduced size and price compared to our other homes, Abode by Waterstone’s properties will appeal to everyone from first and second-time buyers, looking to move up the property ladder, to home-owners looking to downsize.”
He continued: “Our aim is to lead in quality and style within the mainstream property market. We will achieve this through smarter building approaches and by continuing to employ high quality tradesmen. We’ve taken a great deal of care and time building our reputation, and we are confident that our move into the mainstream market will enhance this, while strengthening our position within the industry.”
