A slowing economy coupled with high interest rates is leading to increased demand for affordable housing in Peterborough.

More than 90 people flocked to an open day held by the affordable housing provider bpha at a development of new homes in the city at the weekend.

In just three hours, over 20 people put their names down to reserve a shared ownership property at the Wesleyan Road development in Dogsthorpe.

The news comes in the same week that the House Builders’ Association reported that the industry is going through its worst time since the 1930s, with the number of homes being built by private developers down this year.

David Keeling, executive director for development at bpha, said: “In a difficult economic climate, affordable routes to home ownership are proving more attractive than ever.

“We are seeing a rise in demand for shared ownership as first-time buyers are keen to join the property ladder but unable to secure mortgage deals on the high street. The number of people attending the open day at Wesleyan Road is one example of this.

“Shared ownership provides the assistance many buyers need to bridge the gap between what they can borrow and average house prices. We look forward to welcoming residents into the new homes at Wesleyan Road when they are completed later this year.”

When completed the development at Wesleyan Road will provide 76 new homes for a mixture of affordable rent and shared ownership. The development by bpha is supported by Peterborough City Council and the HCA and comprises a mixture of house types, from two-bedroom apartments to four-bedroom family homes.

As the Government-appointed HomeBuy Agent for the Cambridgeshire sub-region, including Peterborough, bpha offers help, advice and access to HomeBuy schemes to help those wanting to take the first steps towards home ownership.
Households with a combined income of less than £60,000 are generally eligible.

Anyone interested in shared ownership in Peterborough should contact Keyhomes East, bpha’s sales and marketing team, on 0845 456 6757 or visit www.keyhomes-east.org.uk