Publication Date: 29-11-2024 11:15
The first shared ownership homes at a new housing development in Axbridge will be ready for residents to move into next spring.
Bellway South West is building the 15 properties at its Lavender Rise site off Houlgate Way in the town to give local buyers a more affordable route onto or up the property ladder.
The homes, which are being delivered in partnership with housing provider Heylo through its Home Reach Shared Ownership scheme, include a range of one-bedroom maisonettes, and two to four-bedroom houses.
Home Reach enables buyers to purchase between 25 and 75 per cent of a new property and pay rent on the remaining portion. The initiative is available to first-time buyers and people forming a new household who cannot purchase on the open market.
To qualify for the scheme, buyers must have an annual household income of less than £80,000 and must not own another property when the sale completes. Buyers need a deposit of at least five per cent of the share value and have to meet full affordability and eligibility criteria.
Construction work has begun on eight of the shared ownership homes at Lavender Rise, and four of the properties have been reserved.
Rachel Way, Senior Sales Manager for Bellway South West, said: “The Home Reach Shared Ownership scheme gives people who might not otherwise be able to put down a deposit on the full value of a home a real opportunity to take that vital first step onto the property ladder.
“Our partnership with Heylo will make homeownership a more achievable goal for Axbridge residents who are currently renting in the town or still living with parents. By allowing buyers to purchase a share of a new-build home, the scheme provides an affordable route for buyers to one day own their property outright.
“Axbridge is an extremely desirable location which means there is a particular need for high-quality affordable housing in the town. The mix of shared ownership properties has been designed to suit the needs of a wide range of buyers, from young people flying the nest to growing families seeking more space.
“The first selection of Home Reach properties are being built at the eastern edge of the development, opposite the play area which will form part of the public open space being created at the site. Construction work is progressing well and we’re looking forward to welcoming the first shared ownership buyers at Lavender Rise into their homes next year.”
Bellway is building a total of 53 new homes at Lavender Rise, including 38 private properties for sale on the open market. Ground works began at the site in July and a showhome is due to open at the end of this year.
A selection of one-bedroom maisonettes and three-bedroom semi-detached houses are currently available under the Home Reach scheme at Lavender Rise, with prices starting from £197,500 and £354,995 respectively for a 100 per cent share of the property.
To find out more, visit https://www.bellway.co.uk/new-homes/south-west/lavender-rise or call the sales team on 01934 784231.
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