Friday 9 March 2007
More affordable housing in Towcester

A total of 11 affordable homes are due to be completed in a brand new development in Towcester town centre.

The 10 two bed flats and one three bedroom house are part of a development of 115 properties, built by David Wilson Homes on the old Radstone site in Water Lane. There will be 29 affordable homes in total when the development is finished in July 2007.

The homes are being offered through a shared ownership scheme, known as New Build HomeBuy, by the county's HomeBuy agent bpha (Bedfordshire Pilgrims Housing Association).

Under the scheme, applicants can buy a share in a home which they can afford, and pay rent to the housing association on the remainder.

In time, shared owners can choose to increase their share or sell up and benefit from the rise in property prices.

The scheme is designed to help those on low incomes, including existing housing association tenants, those on the waiting list and some first-time buyers, make the first steps towards owning their own home.

The homes at Water Lane have been made available to local people, from the South Northamptonshire Council housing waiting list, as agreed by the Council and bpha. 
Councillor Mary Clarke, portfolio holder for affordable housing, said: "Shared ownership schemes such as this are a great idea, because they help people to live in accommodation of a decent standard as well as to invest in the future.

"They also enable a lot of young couples get off to a better start in their lives together by giving them a head start in the property market and by bringing quality housing within their reach."

John Cross, chief executive at bpha, said: "We are working closely with South Northamptonshire Council to provide new affordable housing in the area to meet local needs.

"We have already provided 13 homes for affordable rent at this site and the shared ownership properties will help local people to buy a home at a price they can afford."