People who are being priced out of the housing market in Stafford are being offered a helping hand by a housing association.
The Beth Johnson Housing Association has bought 16 homes on the new Brunswick Mews development in the town centre and is offering them on a shared ownership basis.
The association’s senior sales officer Gill McGovern said that Stafford Borough Council had identified a need to offer shared ownership homes.
The association is selling two-bedroom apartments at the development in Brunswick Terrace.
Mrs McGovern said that the scheme involves purchasers buying a 50 per cent share of the home.
The lowest amount involved for a buyer is £65,000 and the highest £76,500.
“This is an attractive new development, a short distance from the town, which gives local people the chance to get on the property ladder,” said Mrs McGovern.
She said Beth Johnson was inviting applications from people who had been priced out of the market.
“A lot of people in this area can’t afford the deposit for a 100 per cent mortgage,” she said.
Purchasers buy a half share in a property and pay a rent for the remaining equity until it is possible to purchase additional shares.
Mrs McGovern said: “The idea is to help people who could not otherwise afford to buy. As their circumstances improve they can buy a larger share until they eventually own the whole property.”
She said the shared ownership apartments were available for viewing now. The association is also offering apartments for rent only at Brunswick Mews.
“It is the first time we have offered shared ownership in Stafford,” she said. “We have previously done it in Stone on individual properties that have been refurbished.
“We have already had a lot of interest and a few applications have already been received.”
The association has become one of Staffordshire’s leading landlords. It has an office in Stafford and manages around 10,000 homes including hundreds in Stafford.
The final phase of the 94-home Brunswick Mews development by David Wilson Homes is nearing completion. So far 43 homes have been sold.
The developers began work on the site last August and have built a mix of three-bedroom mews homes, three-storey townhouses and one and two-bed apartments. A condition of planning permission was the inclusion of an affordable homes element.
Brunswick Mews has been built on the former MEB site alongside the main railway line.
For further information on the housing association scheme contact Mrs McGovern or Mandy Riley on 01782 203569 or 01782 203570.
Share this article:
What are these?