Thinking of buying a property - SmartShare has thousands of properties to buy or rent across the UK
Affordable homes for everyone
Thinking of buying a property - SmartShare has thousands of properties to buy or rent across the UK
New figures from house builder Persimmon reveal promising signs for the development of affordable homes in the UK, according to the National Housing Federation (NHF).
Persimmon recently announced that pre-tax profits for the first half of 2009 reached £9.8 million, with 4,006 new units completed during this period at an average selling price of £155,524.
Although the figures are a marked reduction compared to last year's, Persimmon added that selling prices appear to have stabilised in most parts of mainland UK, including more latterly in the north of England.
Gavin Smart, research and futures assistant director at the NHF, said the housing association sector is the only one that has been shown to be building more properties year-on-year.
"We hope with increased government investment in affordable housing that housing associations can do even more to deliver decent homes and help support the economy, including the construction sector," he commented.
Source: 27/08/09
Representatives from the local authority in Westhoughton have been learning more about a shared equity scheme designed to make housing affordable for first-time buyers.
Councillors Christine Wild and David Wilkinson were invited to investigate Miller Homes' Orchard Green development in the town to see the options available to buyers in their area.
The HomeBuy Direct shared equity scheme is offered to households with an income of less than £60,000 and allows purchasers to pay just 70 per cent of the asking price at the outset – with the remainder covered by an equity loan.
Councillor Christine Wild described the scheme as a "positive move", while her colleague David Wilkinson added: "Homebuy Direct will help people onto the property ladder in the current market and this is a good development in a great location."
A new government scheme to assist people who face having their homes repossessed has been put into practice by an affordable homes specialist.
Plumlife worked with the Homes and Communities Agency (HCA), the Department for Communities and Local Government and Oldham Council to buy a family's home and rent it back to them at a price they could afford.
"The economic downturn has left many homeowners in trouble and repossession is a last-ditch solution that doesn't benefit homeowners or lenders," commented Deborah McLaughlin, regional director of the HCA.
"As someone who loses their home would need to be rehoused anyway, it makes sense to buy their home and rent it to them."
The Mortgage Rescue Plan is available in exceptional circumstances and allows eligible families to either take an equity loan or sell their home and live as tenants.
Plumlife is a not-for-profit company specialising in affordable homes and shared and low-cost ownership.
Source: 19/08/09
A shared equity initiative has helped one first-time buyer in Suffolk to secure an affordable home of her own, according to developer Crest Nicholson.
Lynsey Wilson, 24, had been renting in the county for eight years as she worked as an outdoor education lecturer at Otley College.
The pressures of paying rent meant she was doubtful about ever saving up a deposit to purchase her first home.
However, after learning about the shared equity scheme HomeBuy Direct offered at Blakenham Park, Lynsey discovered that a two-bedroom coach house was within her reach after all.
"When I learned of the HomeBuy Direct scheme available from Crest Nicholson it was like a dream come true, I could finally afford my perfect property and it's in a fantastic location both for work and socialising," she commented.
Crest Nicholson is offering HomeBuy Direct on properties around the country, including the Cedars Park development in Stowmarket.
Source: 12/08/09
New guidance for local authorities and developers on delivering affordable homes has been made available by the Homes and Communities Agency (HCA).
The body's Economic Appraisal Tool (EAT) allows local authorities to create realistic affordable housing targets in order to meet their requirements, based on a calculation of residual land value.
Currently the HCA is encouraging bids for grant funding to be accompanied by an EAT submission in order to determine grant levels and demonstrate the value that a social housing grant would bring to an area.
Richard Hill, director of investment and renewal at the HCA, said the planning tool will help the housing market and the delivery of affordable homes.
"Every partner needs to know what the other can bring to a development opportunity, and crucially, what they intend to take away," he commented.
"Our EAT will help in that transparent process."
Househunters on the lookout for affordable homes in the north east have been given a helping hand from developer Barratt, which has just had extra developments approved for the HomeBuy Direct shared equity scheme.
Affordable homes at Newbiggen-by-the-Sea, Hebburn, Blackhall Rocks, Consett, Kirk Merrington, Sacriston, Wingate, Middlesbrough, Stockton and Thornaby are now available under HomeBuy Direct.
The scheme means buyers could move into a new two-bedroom home with a mortgage of just £73,850, as 30 per cent of the purchase price is taken care of through an equity loan which is interest-free for the first five years.
Steve Mariner, sales manager at Barratt North East, said the firm has had a "tremendous response" from buyers looking to purchase their homes through a shared equity scheme.
"This shows the enormous demand for new homes here," he commented.
"People who have been priced out of the market for years can see this is an outstanding opportunity to buy."