Nuneaton homeseekers to benefit from Stonewater low-cost shared ownership homes
Stonewater has started construction on 27 new affordable homes at Feather Lane in Nuneaton, including eight two- and three-bedroom houses for shared ownership.
The leading social housing provider’s low-cost, part buy, part rent scheme offers an affordable route to home ownership for first time buyers and local people struggling to get a foot on the property ladder. Prospective buyers will be able to purchase from a 40 per cent to 70 per cent stake in Stonewater’s shared ownership homes and pay a reduced rent on the remainder. They will then have the option of increasing their shareholding at a later date, and ultimately buying their home outright.
Stonewater’s new Feather Lane development will also provide a mix of eight two- and 11 three-bedroom energy-efficient houses for affordable rent and will be advertised and allocated through the Council’s Choice Based Lettings Register, NBBCHomes, which prioritises those with a local connection to the Borough. All the new homes will have their own private back gardens and allocated parking.
“Shared ownership is a fantastic way to help people get onto the property ladder without having to pay unrealistic amounts of money at the beginning,” says Matthew Crucefix, Stonewater’s Assistant Director of Development. “With the average home in the district reaching £176,284* which is more than seven times the typical local wage, most people simply cannot afford to buy their own home. Shared ownership makes home ownership more accessible to these people who are being priced out of homes in their area.”
Stonewater is working in partnership with Deeley Affordable Living and Nuneaton & Bedworth Borough Council on this scheme which is being built on the former lawn bowls green of the old Bermuda Park Sports Ground.
The homes are due for completion in December next year.
Peter Deeley, Managing Director of the Deeley Group, says: “The Deeley Group has been at the forefront of regeneration in Bermuda over several decades, bringing huge social and economic benefits to the community. We are, therefore, delighted to be working in partnership with Stonewater and the Borough Council on this latest development.”
Councillor Barry Longden, Portfolio Holder for Housing, Health and Communities, says: “With priority given to local people, this scheme is a fantastic way to give residents of Nuneaton and Bedworth a helping hand onto the property ladder. The homes being built on this development present a great opportunity for first time buyers in the area and will ensure that more local people will be able to afford to own their own home. The Council are always looking for ways to assist individuals into the property or rental markets, and initiatives such as this one are a great way to provide people with the help they need when taking the first step.”