£1m homes scheme in Langley Mill


A Ripley landlord has unveiled nine new homes in Langley Mill which it will rent out at market rates.

In the same week as Futures Homescape’s new £1 million scheme at Julius Close was completed, the housing provider says it will embark on a major five-year building programme to build more market rent properties.

The announcement comes as the average cost of a house in the East Midlands is set to rocket by 25 per cent by 2020.

Martin Sherman, group strategic director of assets at Futures Housing Group, said: “This new scheme represents a key shift in our organisation to meet what is a changing landscape. As a housing provider we want to diversify our tenancies to meet an increasingly varied housing demand. This will allow us to generate revenue so we can continue to invest in our core business of providing affordable housing for those who need it.”

A National Housing Federation report says the average East Midlands home now costs more than eight times the average local wage and is set to cost £212,000 by 2020.