New housing association data reveals an urgent call for affordable homes for ordinary working people, with two thirds of key workers calling for more shared ownership homes to be created. Helping to drive the solution is housebuilder Barratt David Wilson Homes, who has just launched shared ownership homes for the first time in Canterbury (The Woodlands) and Maidstone (The Poppies) in partnership with shared ownership provider heylo.
A total of 15 homes will launch at Barratt Kent’s development The Woodlands, with a further 16 being made available at David Wilson Kent’s The Poppies, including a mixture of apartments and houses. Branded as ‘Home Reach’, the shared ownership scheme enables lower income buyers to purchase a percentage share of their home with a low five per cent deposit. Owners pay a mortgage on part of the property, and below market rent on the remainder. With the average full-time earnings in Kent equating to £696.30 per week – or just over £33,000 per annum - Home Reach will ensure the properties are affordable to local buyers.
Natalie Perry, Sales and Marketing Director for Barratt David Wilson Kent, comments: “Homeownership in the South East should not be a privilege reserved for only the highest earners. However, stagnant wages and plateaued mortgage rates mean that getting on the property ladder is a struggle for many working people. Renting should not be a lifelong solution - housebuilders need to think outside of the box for ways to support first time buyers, who are the lifeblood of our housing market. Our partnership with heylo will enable us to offer shared ownership on our homes at The Woodlands and The Poppies for the first time, unlocking access to homeownership for the people that need our support the most.”
Currently available at David Wilson Kent’s The Poppies with Home Reach is a selection of two-bedroom apartments, with prices starting from £142,500 for a 50% share. Buyers can secure the property with a five per cent deposit of £7,125.
Barratt Homes is currently selling a selection of one and two-bedroom apartments, and two-bedroom houses at The Woodlands, available with Home Reach. Prices start from £99,995 for a 50% share of a one-bedroom apartment, or £144,998 for a 50% share of a two-bedroom house.
