New affordable homes completed in Waterlooville
Leading social housing provider Stonewater is celebrating the completion of a £4.8 million affordable homes development for local people in Waterlooville.
The new Stonewater homes are in Wellington Park, Taylor Wimpey’s new 103-home development at Old Park Farm in Hambledon Road. Wellington Park is part of the new West of Waterloo urban extension to Waterlooville which will provide 3,000 new homes over the next few years, 40 per cent of these will be affordable.
Shared Ownership aims to help more people get a foot on the property ladder through equity sharing, enabling purchasers to buy a share of their home and pay a reduced monthly rent on the remainder. For example, someone buying a 50 per cent share in a £120,000 home would pay £60,000 and pay a below market rent on the other half. They would also be able to increase or ‘staircase’ their shareholding in the future until they owned their property outright.
Affordable homes for local people
Stonewater’s Wellington Park scheme provides a mixture of five two- and three-bedroom houses and 14 one- and two- bedroom apartments for low-cost shared ownership, with home seekers able to purchase a 40 to 75 percent share in their property. Fourteen two- and three-bedroom houses and eight one- and two-bedroom apartments are also available at the development for affordable rent through Stonewater.
The new energy-efficient homes are being allocated through Hampshire Home Choice, which prioritises people looking for affordable housing who have a local connection to the Waterlooville area.
“A shortage of affordable housing can have a detrimental impact on communities like Waterlooville; contributing to both social isolation and segregation by forcing people to move away from their support networks and sacrifice their sense of place,” says Chris Montague, Assistant Director of Development at Stonewater. “We are delighted that these 41 new Stonewater homes will enable local people who are currently priced out of the housing market, find high quality housing in an area that they want to live. We have enjoyed working with Havant and Winchester Councils on this important scheme and look forward to building more affordable homes where they are most needed in the Borough.”
Stonewater has contributed to a local authority-led community project in Wellington Park which will provide a play zone and woodland walk designed by local children, a community centre, garden allotments, and a cemetery. Public open spaces and play areas are also planned for the development over the next few years.
Stonewater’s affordable housing development comes at a time when the average cost of a house in the Portsmouth area (£214,600*) is eleven times the average local salary, and typical market rents are over a third (34%) of the average earnings.
Councillor Leah Turner, Cabinet Lead for Communities, Development and Housing, says: “Havant Borough Council is committed to providing more affordable housing within the borough. Through working with the Stonewater and Winchester City Council, we are pleased that 41 new affordable homes have been developed at Old Park Farm. This new development will help more people get onto the property ladder and should benefit the local area including Waterlooville Town Centre.”
Stonewater owns and manages 2,646 properties in Hampshire.