An early look at new shared ownership homes
We gave Bolton at Home Board members, local ward councillors and the local MP an insight into how shared ownership will help more people onto the property ladder, as they viewed 14 new homes under construction at Guild Street in Bromley Cross.
The three-bedroom homes, due for completion in February 2020, will be more affordable than buying a home in the area outright.
Shared ownership allows people to buy a share of the property and pay rent on the other part, which is owned by a housing organisation. They then have the option to buy the remaining share of the property in future.
The visits offered an opportunity to understand the benefits of shared ownership homes and why we've made it part of our new housing plans.
Dominic Conway, our director of development and growth, said: “One of our main aims is to provide affordable housing in areas where it is in high demand.
“We know there are people who have family or who have grown up in Bromley Cross that are desperate to get on the housing ladder here to stay close to those family connections. Without providing housing options that are more affordable than market rates, many just wouldn’t be able to do that.
“Most of the new homes we’re bringing forward are for affordable rent, but we’ll also be building several shared ownership schemes across the region. Another added benefit is these schemes allow us to generate new income which, as a not-for-profit community benefit society, we can reinvest in making Bolton communities stronger.”
The homes at Bromley Cross are being built by PLP Construction. They will be marketed under our shared ownership brand Stonecross Homes.
We plan to create up to 1,400 new affordable homes in the region by 2024.
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