The new development on the Catherine Road, Earldom Close, Grimesthorpe Road site being developed by Arches in Partnership with the City Council and the Housing Corporation, is near completion.
The Project is now well advanced and the first four bungalows are ready for occupation and have been allocated through the City Council’s Choice Based Letting arrangements. The next phase will see spacious two- and three-bedroomed houses available for sale on a ‘Shared Ownership’ basis were people are invited to buy a 25%, 50% or 75% share as Owner Occupiers and rent the remaining share. The prices start from just £27,000 for a 25% share with a rent of just £43.50 per week. This makes them very affordable for most people normally unable to compete on the ‘open market’ – for example, first time buyers, people with limited capital like the elderly or early retired or working renters with no capital. The rent element is also eligible for Housing Benefit support for those who qualify and the total cost of servicing a £27k mortgage plus the rent is comparable to paying a market rent in the area. In essence a purchase will provide applicants with very high-quality accommodation and with all the financial and other benefits (and of course liabilities) of owner occupation for the cost of renting. As previously reported all properties are highly insulated and will cheap to run and come with a full twelve-year warranty, EcoHomes Certification (Excellent Targeted), Secured by Design certification, Building for Life certification, Lifetime Homes and are build to the excellent standards demanded by the Housing Corporation.
Application forms are now available from Arches Housing for this opportunity and I am sure they would be only too pleased to offer any further information on the scheme. I am sure you will agree with me the design quality and investment this project offers to our area has been a major improvement to our environment and will remain so for many generations to come.
by Steve Caborn, Arches Housing