Rising mortgage rates and the much-publicised credit crunch are putting greater pressure on the demand for affordable homes.

With repossessions predicted to rise this year, and fewer first-time buyers able to access funding from the High Street, there is a growing need for properties offered for affordable rents and for shared ownership.

In Huntingdonshire, work is underway to construct more than 145 new affordable homes at Loves Farm, St Neots. With a further four planning applications submitted to provide 133 homes on phase 2.

Affordable housing provider bpha is working with Master Developer Gallagher Estates and the council to provide a range of properties – from apartments to family houses - in the first phases at this 1,250-home development. The first homes will be available before the end of 2008.

Once completed, the development will provide around 400 new affordable homes. These will include those for affordable rent to help those on the council’s waiting list, and for shared ownership to help those who want to join the property ladder but cannot afford to buy outright.

John Cross, chief executive at bpha, said: “With the market slowing down we expect the demand for affordable housing to rise this year. We are pleased to be working closely with Huntingdonshire District Council to help it provide much-needed, high-quality accommodation that local people want and can afford.

“Large-scale developments such as Loves Farm provide an excellent opportunity to make a real impact on the numbers of families waiting for new affordable homes and the development is shaping up to be a really exciting place to be.”

The Loves Farm development includes a new school and football ground (the site is partially built on the former ground) as well as a range of other community facilities.

bpha is also developing other affordable housing schemes across Huntingdonshire with properties becoming available for affordable rent and shared ownership between now and Spring 2009 at Burleigh Road, St Ives, Manor Farm, Yaxley and Wigmore Farm, Godmanchester. A further update about these properties will be provided in the next issue of District Wide.

As well as providing new affordable housing, bpha is also the Government-appointed HomeBuy Agent for Cambridgeshire, responsible for providing help and advice to first-time buyers in need of assistance. 

Anyone wanting to find out more about shared ownership opportunities at Loves Farm or elsewhere in Huntingdonshire, can contact bpha’s sales and marketing team, Keyhomes East, on 0845 456 6757 or by visiting www.keyhomes-east.org.uk