We have now developed a new draft scheme and are ready to move to the next stage of the project - submitting the planning application - we anticipate this will be around week beginning 12 July 2021. Firstly, we need to get in touch with surrounding residents and notify them how to feedback on plans through the planning consultation process. Construction is anticipated to commence by early 2022 and will take approximately one year.
As you know, the HOME project is a shared equity model of home ownership, designed to offer high quality new builds to private housing market. There are two models:
- The £5k HOME – which is an opportunity for first time buyers to access modern and efficient housing
- The £40k HOME – which is an opportunity for older homeowners to downsize or secure modern, energy efficient, level access housing
In each model a one-off payment (of £5k or £40k respectively) is made, and this will be calculated against the overall value of each HOME to ascertain the percentage share the new shared owner will own. The equity stake, like all home ownership, will rise or fall in correspondence with housing market movements. If, when the time comes, the owner would like to move, they are responsible for selling their stake. They will then benefit from any market upturn, or incur losses associated with housing market downturn.
HOME residents will also be required to pay the Council a monthly occupancy fee which will cover the cost of planned maintenance, capital improvements and estate management. Indicative occupancy fees are:
Occupancy fees
| Type of property | Fee |
|---|
| £5k model 2-bedroom house |
£499 per month – 8 units in scheme |
| £5k model 3-bedroom house |
£598 per month – 6 units in scheme |
| £40k model 2-bedroom accessible flat |
£377 per month – 8 units in scheme |
| £40k model 2-bedroom accessible bungalow |
£355 per month – 4 units in scheme |
We will now start planning our marketing campaign, and after the planning process is complete, we will timetable the release the HOMEs for reservation/sale in phases. This will be done on a ‘first come first served’ basis when each phase is opened. Properties can be secured with a £500 deposit.
