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15 May 2008
First keys handed over on Shared Ownership homes
Delighted first time buyers have been receiving the keys for their new shared ownership homes in Oatridge Gardens, Wood Lane End.
The new development of 48 affordable homes (24 apartments and 24 houses) was completed in April 2008. The site comprises of 36 shared ownership homes and 12 homes for rent.
The estate is owned and managed by Hightown Praetorian & Churches Housing Association and has been built by their partnering constructors, the Jarvis Group of Harpenden. Over the last few weeks’ shared ownership residents have been moving into their new homes.
Mr Savage, a new shared ownership resident, said: “It has been fantastic to finally move into my new apartment. I am very impressed by the quality of the development and look forward settling into my new home.
“The shared ownership scheme is a great way for first time buyers to get onto the property ladder. It allows applicants the chance to purchase high quality homes at an affordable price. In the current economic environment shared ownership homes are a safe investment for first time buyers and mortgage lenders. Another benefit is that on shared ownership homes you do not pay any stamp duty on the initial 50% share.”
Shared Ownership is an alternative to renting a home or buying a property outright. It helps people who want to buy a home of their own but cannot afford to do so.
Through Shared Ownership it is possible to buy a share in a property (50%) and pay rent on the remaining share. The total costs of rent and mortgage payments will be lower than the cost of buying the same home outright. In the future you have the option to buy additional shares.
HPCHA Chief Executive David Bogle added: “I would like to thank everyone who has worked with us in delivering this development of affordable homes. This site has been completed to the highest quality and I am pleased that local people who have a real housing need have an opportunity to get on to the property ladder.”
Jeffrey Hollis, Jarvis’ Director of Marketing said: “ We are very pleased with the outcome of this project and feel sure that the quality and design of the properties will meet all the residents expectations.”
Only six 2 bedroom apartments are remaining these are being sold for £87,500 which is a 50% share of the market value (£175,000). The homeowner will pay a monthly rent on the remaining 50% share.
If you are interested in any of the new developments or would like more information on the Shared Ownership scheme please contact Hightown Praetorian & Churches Housing Association on 01442 292300.
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