A smart new development of 20 affordable Stonewater homes for local people has opened in Lilac View, Long Itchington.
The properties include four two- and three-bedroom shared ownership homes – a part buy, part rent scheme aimed at helping homeseekers struggling to afford local house prices into home ownership.
Social housing provider Stonewater has delivered the scheme which also includes six one- and two-bedroom apartments and 10 two-bedroom houses for low-cost rent. The properties are part of Lilac View, a new 58-home development by Bloor Homes.
“The completion of our new Lilac View homes will be exciting news for people and families in the area struggling to find good quality affordable housing to buy or rent in the village,” said Matthew Crucefix, Stonewater’s Assistant Director of Development. “Small affordable rural housing developments like this not only enable local people to stay where their roots are, they also breathe fresh life into the community, helping to ensure the long-term economic viability of local shops, schools, post offices, pubs and small rural businesses.”
With the average house price in the district at £347,991* – almost 11 times the typical wage, Stonewater’s shared ownership homes will be particularly attractive to first-time buyers and prospective purchasers priced out of the local housing market. Properties start at £96,000 for a two-bedroom home and buyers can purchase a 40% to 75% share of these properties with a small deposit and mortgage on their share. They then pay a reduced rent on the remaining share. Buyers also have the option of staircasing their shareholding at a later date until they own their home outright.
Stonewater’s new Lilac View affordable homes were delivered in partnership with Stratford-on-Avon District Council and construction partners Bloor Homes.
Michele Rose, Sales Director at Bloor Homes Midland, added: “The problem of affordability is a national issue and we are pleased to work with housing providers towards making home ownership a realistic achievement.”
Stonewater currently owns and manages 263 homes across Warwickshire.
Councillor Jacqui Harris, Health, Wellbeing and Housing Portfolio at Stratford District Council, commented: “I welcome the completion of this scheme, which will make a valuable contribution towards meeting the affordable housing needs of our District. The lack of decent and affordable homes has been a longstanding issue that the District Council is determined to tackle. In this respect, the successful delivery of this scheme is a good reflection on the strong partnership working we have developed with our partner housing associations.”
*Home Truths 2017/18 – National Housing Federation: the average house cost being almost 11 times greater than the average wage.