Blandford home celebrates 100th shared ownership sale for Stonewater
Sales of affordable housing provider Stonewater’s shared ownership homes reached a significant milestone this week when Johnathan Walbridge, 20, took possession of his smart new two-bedroom terraced home in The Beeches development in Fairfield, marking it the 100th home sold by Stonewater’s during the year.
“With low mortgage interest rates and extra government funding making shared ownership now available to 175,000 more UK households, 2016 is proving to be a good year for first time-buyers”, says Richard Stevenson, Stonewater’s Executive Director of Development. “We’re seeing more young people like Johnathan taking advantage of shared ownership schemes which offer a great opportunity to get a foot on the property ladder enabling them to buy a share of their home from as little as 25%, and pay an affordable rent on the remaining amount.” Johnathan, who works as a fourth-year apprentice carpenter in Poole, has purchased a 40% share of his two bedroomed-house in The Beeches at a cost of £72,000. His new home is part of a small development of four two-bedroom and one three-bedroom shared ownership houses on the site of a former residential home that used to stand at Fairfield Bungalows in Blandford. The homes have been built for local people to meet a pressing need for affordable housing in the town and the surrounding villages where home ownership has become unaffordable for many.
“It’s a nice area to live,” says Johnathan. “There are plenty of shops close to me, as well as a hospital, police station and, not that they are of any use to me at the moment, plenty of schools. It’s not too far away from my parent’s house which means I am staying close to my family and friends.”
Johnathan also plans to increase his share in his home over time until he owns it outright.
“Houses are really expensive around here and out of a lot of young people’s reach,” says Johnathan. “For me shared ownership has been a great way to achieve my dream of owning a home of my own and setting myself up for the future.”
“We are delighted with how successful this scheme has become,” says Richard Stevenson, Stonewater’s Executive Director of Development. “It really is a pleasure to be able to offer home ownership to customers that might not have been able to afford it through other means. The scheme allows our customers to move in at the time that is right for them. We hope that Johnathan will have a very happy future in his new home.” Richard also praised his sales team on reaching this milestone, it is the first time that Stonewater has sold 100 new homes in a year.