Homebuilder IP Developments is reporting record demand in the West Midlands as one development of 12 homes received 600 enquiries within a few weeks of launch.
The developer, which specialises in building luxury homes in prestigious locations, says its site in Belbroughton attracted unprecedented demand on its opening sale weekend.
Commenting on the demand, Nick Hill, finance director at IP Developments, said: “IP Developments was set up in 2004 to offer new quality homes at an affordable price in desirable locations. In all our time developing homes I haven’t known a market like it. Demand for homes is at record levels, and competition for land is also high.”
The company has undertaken projects that have varied from new house builds to historic renovations in police stations, museums and other period buildings. IP Developments is also currently marketing a site in Wombourne with a final four-bedroom home available for sale.
Nick Hill argues the market for development land is ferocious and companies must move quickly to secure sites. The company works closely with Fresh Thinking Capital to provide funding at short notice, alongside other funders supporting longer term facilities. The two teams first worked together in 2019 to purchase an old police station in Wombourne for redevelopment, and more recently, provided funding against UK property assets to allow an international property purchase.
Nick said: “For any developer to be successful in this market, you must have a good relationship with your funders. Fresh Thinking Capital took the time to understand our business and our market and gives us the flexibility we need to succeed.”
IP Developments is currently seeking new development sites across the Midlands. It expects to have completed on all current sites by the middle of March.
Mel Hird, founder and director of Fresh Thinking Capital, said: “IP Developments is a fantastic business with a strong reputation for building high-quality homes. Regional homebuilders not only bring a deep understanding of the area and market but also employ local tradesmen who directly contribute to the local economy. We are pleased to be part of the team and look forward to supporting them in the future.”