Shared Ownership Week marked in Castle Cary as work starts on new affordable housing scheme
Stonewater has marked national Shared Ownership Week (20-26 September) with the start of construction on 26 affordable homes which include eight low-cost ‘part buy, part rent’ shared ownership properties in Castle Cary.
The leading social housing provider will provide the shared ownership homes along with 18 one-, two, three- and four-bedroom homes for low-cost social rent at Lovel’s Farm, a new 74-home housing development off Station Road which is being built by housebuilders Backhouse.
Shared Ownership Week aims to help more people get a foot on the property ladder through equity sharing – a scheme which enables 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.
Stonewater will be offering eight two- and three-bedroom houses for affordable shared ownership with the opportunity for prospective buyers to purchase a 40 to 75 per cent property share. Purchasers can therefore take the first step on the property ladder with a smaller deposit and a smaller mortgage. They can also increase their shareholding to 100 per cent at a later date.
“Our new Stonewater shared ownership homes at Lovel’s Farm are a great route into home-ownership for first-time buyers, enabling them to get a foothold on the property ladder with a smaller deposit and mortgage,” says Phillippa Yeates, Regional Development Manager at Stonewater. “With the average cost of a home in the district around £240,500* – almost eleven times the average local salary – shared ownership is a truly affordable option.
“Local rents are also very expensive with good quality rental accommodation in short supply. We hope that these new affordable homes will bring good quality housing back within reach and help more local people to stay in the community and find a home at a price they can truly afford.”
The Stonewater development will benefit from a children’s play area, open recreation spaces and a meadow. It’s also conveniently located, within easy walking distance of the town centre and mainline train station.
Steve Russell, Backhouse Managing Director, says: “Backhouse is passionate about providing high-quality, well-designed homes across our community and we are proud to be working with Stonewater on this project. Their mission aligns with our vision to build better homes for all and we're looking forward to welcoming our new residents in the coming months.”
Stonewater currently owns and manages 996 homes in South Somerset and recently delivered 64 affordable homes at the site of the former Seaton’s Garage in West Hendford, Yeovil, in partnership with regional builders Halsall Construction and South Somerset District Council.