Construction starts on 72 new Stonewater homes to help ease Leicester’s affordable housing shortage
Stonewater’s Hamilton Lane development comes at a time when Leicester has the fastest rising private rents in the country and annual house price increases are the third highest in the UK, ahead of Birmingham, Manchester, Nottingham, Liverpool and Leeds.
The second phase of Hamilton Lane, a £7 million development of 72 affordable Stonewater homes for rent and shared ownership sale, is now under way in Hamilton, on the north-eastern edge of Leicester.
Part of the new Taylor Wimpey Rainbow Meadows housing development, the new community of 45 low-cost rental homes and 27 shared ownership properties, is being financed by social housing provider Stonewater.
On the rental side, Stonewater is creating a mix of affordable housing to meet a wide range of accommodation needs in the community. These homes will be allocated through Charwood Borough Council and include six one- and three two-bedroom apartments and 36 two-, three- and four-bedroom family homes.
Stonewater, which owns and operates over 600 homes in Leicestershire, is also aiming to help first time buyers and families looking to get a foot on the property ladder with a selection of shared ownership homes offered for sale on a part buy, part rent basis. These include 14 two-, 11 three- and two four-bedroom houses with property prices starting from around £64,000* for a 40 per cent share of a two-bedroom house. The new homes are all energy-efficient and will have private back gardens and parking. The scheme will also include a multi-use games area.
Leicester – fastest rising private rents
According the National Housing Federation’s Home Truths Report 2017/18 published today, while regional unemployment is below the national average, a fifth of Housing Benefit claimants are in employment – meaning rents are unaffordable for many working people. At £168,709, the average house price in Leicester is almost eight times the average annual salary (£21,918), and private sector rent (£6,408) consumes almost a third (29%) of average local earnings. The East Midlands has also seen the second biggest rise in rough sleeping in the country.
“Our new Hamilton Lane development responds to a chronic shortage of affordable homes in the area, particularly two-bedroom properties which are in high demand,” says Martin Fox, Stonewater Regional Development Manager. “This much-needed scheme will benefit a wide range of people who need a leg up to find good quality housing in the community. We are also delighted to be working with Taylor Wimpey on this smart new development which is creating local employment in the area during its construction.”
The Stonewater Hamilton Lane homes, due for completion in phases between July this year and December 2021, are being delivered in partnership with contractors Taylor Wimpey and Charwood Borough Council.
Rob Curry, Sales and Marketing Director at Taylor Wimpey East Midlands, added: “Rainbow Meadows has been a great success so far, and we were delighted with the number of people who came to see our refitted show homes when they reopened in February. Affordable homes are a key part of all our developments and we are happy to be working with Stonewater to help bring new housing to the Leicester area.”
Stonewater is also currently building 24 affordable homes at Hunts Lane in Desford village on the western side of Leicester.