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Home > News > Babergh Takes On First Shared Ownership Housing in 25 Years

Babergh Takes On First Shared Ownership Housing in 25 Years

Posted by on 11 May 2018 | Comments

Babergh District Council has taken on the first new Shared Ownership Housing in the district in over 25 years.

The seven new houses – the first of 12 – are at Admirals Quarter, Holbrook, and were handed over by Orbit Housing at a ceremony on Friday 11 May. There is already high interest in the new properties ahead of the official launch on Saturday 12 May when the Orbit affordable sales team will first offer potential customers the opportunity to view the properties by appointment.

Shared Ownership housing allows homeowners to purchase between 25 and 75% of a property, while paying rent on the remaining share. This allows households who may not otherwise be able to afford mortgages to become homeowners.

The 12 properties earmarked for shared ownership, as well as an additional 15 properties that Babergh District Council will be acquiring for affordable rent, are part of a 78 home development in Holbrook built by Taylor Wimpey. Following this first tranche of seven properties, Babergh will take ownership of the remaining 20 homes in two tranches in Autumn 2018 and February 2019.

Cllr Jan Osborne, Babergh District Council’s Cabinet Member for Housing, said: “This is the first shared ownership housing the council has offered for a quarter of a century and will enable residents who may not otherwise be able to buy property to become homeowners. Babergh has been consistently voted as one of the best places to live in the country and shared ownership homes are a fantastic way of helping more people to step onto the housing ladder in our district. We are looking forward to welcoming the first residents in to their new homes and would encourage anyone interested in viewing the properties to get in touch.” 

Those interested in shared ownership properties can contact Sharon Mackmin, Regional Sales & Marketing Consultant, on 01603 221905 to register their interest.