Stonewater to tackle housing need in Oadby
A small town in Leicester welcomed the not-for-profit housing association, Stonewater, as the construction of 45 homes for affordable rent and shared ownership began on Thursday morning (31 January).
The leading affordable home provider’s project will deliver 39 homes at low cost rent along with an additional nine shared ownership homes as part of a 150-home scheme being developed by Leicestershire-based housebuilder, Bloor Homes.
On the site, which is located off Glen Road, there will be a mixture of homes to meet the needs of local families. Among the 39 affordable homes for rent, there will be six two-bedroom maisonettes, 15 two-bedroom houses, 13 three-bedroom houses and two four-bedroom houses. In addition, there will be four two-bedroom houses and five three-bedroom houses available for shared-ownership.
All houses will benefit from their own garden and plenty of parking spaces as well as a communal play area. The new homes will be allocated based on local housing need as determined by the choice-based lettings scheme managed by Oadby and Wigston Council.
Stonewater’s shared ownership scheme is a part-buy, part-rent option where homeseekers can purchase normally 40% or 50% of the property, although higher percentages are available, subject to affordability and pay a subsidised rent on the remainder of the property. The more of the property you own, the less rent you pay.
According to the latest Home Truths report from National Housing Federation, the housing crisis and lack of affordability in the East Midlands is alarming. The region saw the second biggest increase in homelessness in the country from 2016 to 2017. With house prices 7.7 times the average income in the area, it makes home ownership out of reach for many.
In the year 2016 – 2017, the average house prices in Oadby and Wigston area was £211,208 while mean monthly private rents was £677. The 45 new affordable homes by Stonewater in Oadby will help to tackle the critical housing shortage and lack of affordability in the local area.
Nicola Hillier, Regional Development Manager at Stonewater said: “We are thrilled to be able to develop new homes for affordable rent and shared ownership in the Oadby area. Oadby is lovely place to live but for many local people there just isn’t enough housing available that they can afford. Stonewater has been working hard to tackle the housing crisis and affordability issues and we are excited to bring low-cost homes and shared-ownership to Oadby.”
Paul Degg, Regional Managing Director at Bloor Homes Midlands, said: “We are delighted to be working with Stonewater to deliver much-needed affordable homes in Oadby as part of our Cottage Farm development. We have been building high quality homes across the country for 50 years and we hope this new development will enable lots of local families to find a place to call to home.”