Fortior Homes, which is owned by Stoke City council, has declared that it has plans for building a property portfolio worth £68million. The company hopes to have built 400 new homes in the area over the next ten years according to a report in The Sentinel.
The council has budgeted for a £55million investment in its self-owned Fortior Homes over the next two years and hopes that taxpayers in the area will reap the benefits of the investment.
Construction work is due to begin over the next two years on various projects including two sites in Hanley, one of which is a project involving 277 apartments in Smithfield and another, 120 houses at Bridgewater.
Council Hopes to Reinvest Revenue Raised on Local Services
Stoke City Council hopes the investment will yield an average of around 5.9% return on investment each year, which has been revised from its previous figure of 5.4%. It’s estimated that through dividends, interest and additional council tax, the project could yield a £10.3 million return over the next ten years.
Residents in Stoke hope that this revenue is used by the city council to improve local services, whereas private home building companies’ priority would be to pay their shareholders.
Could an Influx of New Properties Affect Local House Prices?
How might this affect house prices in Stoke-on-Trent? This may make selling property in the area a little more difficult and in turn have an adverse effect on house prices. Anyone who wants to sell my house fast, could find that it takes much longer to sell their home through conventional methods, particularly if the new properties lead to a slow-down of other house and apartment sales.
With new properties on the markets, many property owners may be prompted to find alternative solutions if they need to sell my house fast. If you’re in this situation in Stoke and are wondering how can I sell my house today, there is an answer.
With these new property developments about to take shape, many would-be buyers might be thinking of waiting and buying a brand-new property, rather than an existing property. This could make life difficult for anyone who needs a fast house sale. However, property buying companies may be the answer and can help home owners in Stoke-on-Trent to navigate a quick, cash sale without having to wait for the right buyer to come along.
Buyingpropertyfast.com can help people in Stoke to quickly sell their property for cash. This negates the need for the services of an estate agent or trying to sell their homes online which could take months, or even years. If you’re wondering how to sell my house fast, your first point of call should be to Buyingpropertyfast.com who can give you a quick valuation and offer you a fair price for your home, regardless of whether it needs any repair work or if it is in a location where properties are slow moving.