The Government has announced a £12.2bn investment in increasing affordable housing, including £700m for new homes.
A new shared ownership model has also been included in the plans, which would see the minimum initial share to buy in a property reduced from 25% to 10%, and further shares purchased in 1% instalments with heavily-reduced fees.
This new model also includes a 10-year period where the landlord agrees to cover the cost of any repairs or maintenance to the property.
This comes along with a further £11.5bn Affordable Homes Programme between 2021 to 2026, providing up to 180,000 new homes across the UK, subject to economic conditions.
Housing Secretary, Robert Jenrick, said:
“Today’s announcement represents the highest single funding commitment to affordable housing in a decade and is part of our comprehensive plans to build back better.”
Sutcliffe welcomes the Government’s plans to make buying a home more accessible to people, and we’re especially glad to see that Homes England are committed to deliver new homes from next year.
Director, William Baldwin, said:
“We welcome the Government’s plans to make buying a home more accessible to people, and we’re especially glad to see that Homes England are committing to deliver new homes from next year.”
Sutcliffe has a long track record of providing consultancy services to the affordable housing market, building over 7,500 homes in 2019 alone.
New developments that will form part of this programme will be the 150 unit D’Urton Lane scheme in Preston and our 125 unit scheme in Standish for Torus developments.