As part of a comprehensive development programme to deliver vital new housing, East Suffolk Council is delighted to introduce six new shared-ownership properties to its housing stock – the first of their kind in the district.
The properties are located in Brampton with Stoven near Halesworth and provide an affordable ownership scheme, which combines purchasing a share in a home with a rental agreement for the remaining unowned share.
The six properties are semi-detached two-bedroom houses and are the first shared ownership properties the Council has built. East Suffolk has worked in partnership with Orwell Housing Association to deliver the new homes which have been built by local Contractor, Wellington Construction.
The properties are over 800sqft over two levels, externally there is a rear turfed garden, off-road parking for two cars, generous patio area and garden shed. All properties include, oven, hob and hood, carpets throughout and air source heating.
Cllr Richard Kerry, Cabinet Member for Housing at East Suffolk Council, said: “We are absolutely delighted to introduce these new affordable homes to the market as part of our long term commitment to improve the housing offering for the people of East Suffolk.
“Shared ownership is a great way for people to get a foot on the property ladder and can actually be cheaper than renting a property privately. The mortgage cost and subsidised rent usually add up to less than the equivalent rental payments to a landlord.
“This is the first Council-owned scheme of this nature in East Suffolk and we intend to develop more schemes like this for the benefit of our communities and locations which desperately need new, affordable and high-quality housing options.”
Shared ownership allows the purchaser to buy an initial share of between 25% and 75% of the property's full value and pay a subsidised rent on the remaining share they do not own. The purchaser can buy further shares up to 100% of the full property value if they wish, however there is no obligation to do so.
Anybody wishing to explore this option for future shared ownership sites can find more information on the Help to Buy website.