Press Releases
New residents welcomed at Upper Meadows, Gerrards Cross, Buckinghamshire - 16/07/08
Thames Valley Housing, in partnership with South Bucks District Council and CALA Homes South Ltd, celebrated the completion of eleven affordable homes at Upper Meadows, Hedgerley Lane, Gerrards Cross, Buckinghamshire this week.
The homes include three new homes for rent: 2 two-bedroom and 1 three-bedroom apartments. Eight new homes are available for purchase through the government’s New Build HomeBuy scheme, including 3 three-bedroom apartments and 5 two-bedroom apartments.
Councillor Mrs J Woolveridge, Member of Cabinet: Portfolio Holder for Health and Housing, commented on the importance of affordable homes in the area: “These new homes enable residents who cannot afford Gerrards Cross prices to move into the area and be part of the community. I am sure that all the present and future residents of Upper Meadow will enjoy living in Hedgerley Lane.”
Geeta Nanda, CEO of Thames Valley Housing, comments: “We are delighted to have been part of this partnership with CALA Homes and South Bucks District Council which has provided both desirable and much needed affordable homes in the local area. To be able to provide affordable homes for local people on average key worker incomes in one of the most expensive parts of the country makes us very proud.”
The demand for affordable homes in this area is clear as just one property remains available, a three-bedroom top floor apartment, where a 40% share can be bought for £148,000. Monthly charges would be £1611, which include mortgage repayments, monthly rent and monthly service charges. The property has a market value of £370,000 which is highly competitive with local prices where three-bedroom properties are generally on the market for at least £500,000.
Through shared ownership schemes like New Build HomeBuy, buyers can part-buy, part-rent a brand new home at a price that is competitive with monthly rental costs. Buyers enjoy the security and peace of mind of ownership in a fabulous location close to the centre of Gerrards Cross with convenient rail service to London’s Marylebone Station in around half an hour.
With the virtual elimination of easy credit and 100% mortgages, New Build HomeBuy has become a very attractive option for first time buyers wanting to own a home of their own.
Through New Build HomeBuy, new homes are sold as leasehold properties on a part-buy, part-rent basis. Prospective buyers will need to be able raise a mortgage for the share they wish to purchase and pay rent on the share they don’t own. Rents are calculated to be as affordable as possible.
As owners are able to afford it, they can ‘staircase’ to full ownership by buying additional shares in the property. When selling, owners sell the share they own to another household nominated by Thames Valley Housing or they can staircase to 100% and sell the property in the normal fashion.
For more information on the Upper Meadows development and HomeBuy schemes, please contact the Thames Valley Housing HomeBuy team on Tel: 0845 35 12345 or email info@tvha.co.uk or visit www.homebuy4u.co.uk
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Editor’s Notes
New Build HomeBuy is a government-led initiative being offered by Thames Valley Housing that enables first time buyers, key workers and others to own their own home on a part buy-part rent basis. Purchasers buy a percentage of their new home and pay a reduced (subsidised) rent on the outstanding balance of the property not yet owned. Purchasers then have the option of buying more shares, at a later date.
Further Information
For media information, please contact Anne Seymour or Georgina Asplin, BlueIce Communications Tel: 0207 937 7537 or Email: gasplin@blueicecom.com
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