Welsh housebuilder, Waterstone Homes, has announced plans to expand its housebuilding activities into the mainstream market.
The family firm, which is renowned for building large, luxury homes in sought-after locations, is to diversify its residential offering, adding more affordable homes to its housebuilding repertoire.
The business will continue to offer premium houses under the Waterstone Homes brand, while introducing a new range of smaller properties through its new subsidiary company: Abode by Waterstone.
The new company will specialise in building smaller scale homes, to the high quality and stylish design for which Waterstone Homes is renowned, but at a more competitive price. It has plans to complete more than 100 of the new-style homes across south Wales by the end of 2020.
Explaining the move, Lee Woodfine, Managing Director at Waterstone Homes, said: “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.”
Whereas 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, and will be available to purchase via the Welsh Government’s Help to Buy Scheme.
Lee continued: “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.”
Waterstone Homes’ 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 alone.
Lee concluded: “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.”