A SIGNIFICANT new player in the region's property development market is planning to create more than 50 jobs.

Lancing Homes has been set up by Michael Long, former managing director of Hassall Homes, who left the company along with other members of the management team after it was taken over by McAlpine Homes last year.

Mr Long has worked closely with KPMG Corporate Finance and solicitors Robert Muckle to set up the new venture, which is based in South Shields.

Already the new venture has secured options on four sites for new homes in Tyne and Wear and expects to start development work next month.

Mr Long said: "Ambitious and achievable targets have been set for the company which is backed by a first class team with extensive experience of both the market and the region.

"There has, and continues to be significant rationalisation within the industry, which can only benefit the company in its quest to provide affordable products in a niche market."

David Glendenning is the sales director of Lancing Homes.

He said: "The housing market in the North-East is presently very buoyant and we are well positioned to achieve our first year sales targets.

"With our lengthy experience of housebuilding in the region we have deliberately positioned ourselves in the market so that we can adapt to ever changing conditions."

Jon Lienard, from KPMG Corporate Finance, was heavily involved raising the finance for the new company from investors.

He said: "We are extremely pleased to have been able to help this excellent management team raise equity finance, especially in the current market conditions for equity investment.

"Investors are always looking for good quality management teams to support and the people that Michael is assembling here have the potential to make Lancing Homes a real force."