Developer starts building 37 new homes in Formby

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by Lin Freestone

A Southport-based property developer, Marcel Zachariah, has received backing from the Royal Bank of Scotland’s property finance team in Liverpool to build 37 new homes in Formby.

The £14m development by York Homes will feature a mix of three-and four-bedroom properties close to the centre of the town. The first phase of the project is under construction and will bring 25 new homes to the market in November this year.

This will be followed by the second phase of 12 more homes. On completion, the development will be one of the largest residential schemes to have been built in the area during the last 20 years.

York Homes is a Southport-based development company accredited by the NHBC, and local authority planning and building control. Its aim is to create desirable homes of character, that stand out from others in the market.

The confidence of the RBS and the developer has been encouraged by the latest SmartNewHomes.com New Homes and Migration Monitor. This has revealed that the average price of a new build home in May 2008 was up 0.3% from April at £258,856.

Although the figure is still 0.8% down on May 2007, the recent trend has been for a rebound in prices in this sector. There has been a 1.2% rise in the last three months.