Former brownfield land in Spalding is being used to build 48 new affordable homes, thanks to a partnership between Waterloo Housing Group, South Holland District Council and Homes England.
The new homes, comprising one- and two-bedroom properties for rent, and two- and three-bedroom houses for shared ownership, are being built on the site of the former EMG car showroom on St John’s Road. The first shared ownership homes to buy are due to be completed by August.
The new rented homes will be let to households from the council’s housing register and will be ready from the end of October.
Coun Christine Lawton, portfolio holder for housing at South Holland District Council, is delighted to see new affordable homes being built locally. She said: “The addition of these new affordable homes, utilising brownfield land, is a real ‘win-win’ situation.
“We desperately need more affordable homes locally and it will be fantastic to see local families living in their own homes by Christmas. The council is keen for Waterloo Housing to continue to build more affordable homes across the district and we’re also working with other partners to deliver more shared ownership and rented homes in the area.”
The £4.65million development on St John’s Road has been partially funded through a £815,000 Homes England grant, and Waterloo Housing Group has reinvested over £155,000 from previously allocated funds. The remaining funding has been contributed directly from Waterloo Housing Group.
Kerry Cade, project manager for Waterloo Housing Group, said: “Following on from a successful scheme recently completed in Donington, which contained a mix of shared ownership and rented properties, and proved very popular with South Holland residents, Waterloo saw the potential benefits of developing quality homes in a location within close proximity to all the services Spalding has to offer.”
Shared ownership offers the opportunity for residents who can’t afford to buy outright to get a foot on the property ladder. Shared owners usually pay less in rent and mortgage than outright owners and private rented tenants. It works through buying a share of the property and the share purchased is based on the affordability of the applicant.
In the majority of cases, buyers purchase at least a 35 per cent share and pay rent on the remaining share. Shares can be increased at a later date and, in most cases, can eventually be purchased up to full ownership.
To give an idea of the likely costs for buying a 35 per cent share in a two-bedroom house valued at £142,500, the rent plus mortgage plus service charges would equate to roughly £530-a-month. This is based on paying a deposit of approximately £5,000.A number of the homes have already been reserved but there is still an opportunity to buy. For more information, call Waterloo Homes on 0345 4503995 or visit www.waterloohomes.org.uk