40 new Stonewater homes set to ease affordable housing shortage in Nuneaton
A much-needed Stonewater development of 40 new affordable homes in Nuneaton has started on site at a time when the average cost of a home is seven times the average annual salary in the area.
Local first-time buyers and families struggling to find affordable housing in the town, are set to benefit from the social housing provider’s mixed scheme of low-cost rental and shared ownership homes in the new Church Fields housing community in Weddington, on the outskirts of Nuneaton.
According to the National Housing Federation’s regional Home Truths Report 2017/18 published this week (20 March), the average house in Nuneaton (£176,284) costs seven times typical annual earnings in the area (£24,664) and would require a household income of at least £40,293 to afford an 80% mortgage. Average annual rents at £6,528, consume a quarter (26%) of local incomes which are already £3,780 below the £28,444 national average.
Local people to be prioritised
Stonewater is financing the new housing scheme off Weddington Road, which is being built by housing developer Davidsons Homes. Priority for the new homes will be given to local residents with an established connection to the area.
Stonewater, which owns and operates 768 homes in Warwickshire and North Warwickshire, will deliver a mix of 14 two- and three-bedroom family houses, 15 two-bedroom bungalows and one one-bedroom apartment, all for affordable rent. A further eight two- and three-bedroom family houses, and two two-bedroom bungalows will also be offered for shared ownership, a part buy, part rent scheme. All the homes have private back gardens and parking.
“We are delighted to be working with Davidsons Homes for the first time on this desperately needed affordable housing scheme which we hope will help ease local demand for well-designed and realistically affordable housing in the area,” says Matthew Crucefix, Stonewater’s Assistant Director of Development. “These 40 new homes also mark the start of our ambitious house-building programme which will create 1,450 new affordable Stonewater homes over the next two years to help address a chronic shortage of low-cost housing across the country.”
Stonewater’s Church Fields homes are part of a wider mixed development of 285 properties for rent and sale. The scheme is conveniently located within walking distance of Nuneaton town centre, local shops, schools and services, and the train station which connects with London Euston and Stansted Airport.
Davidsons Homes’ sales director, Stephanie King, says: “A shortage of affordable housing can have a detrimental impact on communities; contributing to both social isolation and segregation by forcing people to move away from their support networks and sacrifice their sense of place.
“Church Fields represents an opportunity to invest in the future of Nuneaton and provide its residents with access to beautifully-designed, quality-built and affordable new homes. We’re incredibly proud to have been selected to support Stonewater’s vision for this project and look forward to delivering 40 stunning new homes that will enrich the local community and help plug the gap in affordable housing in the area.”
Stonewater’s Church Fields affordable housing development is due for completion in summer 2019.