A SOCIAL landlord has revealed £29.5m plans to build nearly 1,000 houses.

Derwentside Homes has been backed by the Homes and Communities Agency (HCA) to deliver 965 properties over the next three years.

Bosses say the funding will also subsidise a new Rent to Buy scheme.

They added the money will allow its Prince Bishops Homes development division to build the largest number of homes out of all North-East providers receiving HCA support.

The Northern Echo understands its property plots will stretch from Teesside to Tyneside.

Moya Jones, development director with the not-for-profit organisation, which is based in Stanley, County Durham, said the backing will give people a greater chance to live in a new home.

She added: “For our new Rent to Buy customers, the HCA grant funding means we can reduce their rental costs by 20 per cent and work with and support them in investing these savings into a Help to Buy ISA.

“This will eventually become part of their mortgage deposit and allows the tenant to buy the home they are living in outright, four or more years down the line.

“In addition, we will support our Rent to Buy tenants in becoming mortgage ready, helping them to budget and to improve their financial health and credit score, so when the time comes, they are in a position to proceed to purchase.

“Rent to buy models like this open the possibility of home ownership, to people that other first time buyer incentives simply do not reach.

“They will be key to re-energising the market and helping more young people to escape generation rent.”

She added Prince Bishops Homes is active on ten sites across the North East, revealing it plans to spend more than £100m on new homes by 2019.

Bosses at Derwentside Homes previously revealed they had secured a £40m investment deal with Canada Life Investments build 400 new homes over three years.