15 new afforable homes in Wincanton set to help renters onto the property ladder
Stonewater, in partnership with South Somerset District Council and developers Halsall Construction, is providing a mixture of seven two-bedroom, and eight three-bedroom houses which are all set to be offered under the Government's Rent to Buy scheme.
Rent to Buy, which aims to help more people onto the property ladder, enables customers to rent their home at a below-market rate and save towards a deposit. After a minimum of five years, depending on circumstances, they will have the option to buy it at the current market value.
Located just a two-minute walk from Wincanton High Street, each of Stonewater's smart new affordable homes at Balsam Park will be equipped with a private garden and allocated parking.
"We are delighted to see the construction of these new homes at Balsam Park now underway," says Charlotte Brace, Development Manager at Stonewater. "House prices are out of reach for many in South Somerset and the average local looking to buy a home would need a 148% pay rise to be able to afford a mortgage in the area. At the same time, high rents - which are more than a third of the average wage - seriously restrict how much people can save towards buying a home. These new homes in Wincanton are among the first which we are offering under the Rent to Buy scheme and we hope they will help more people hoping to escape 'the renting trap' and get a foot onto the property ladder."
The Balsam Park development has been financed by Stonewater with additional grant-funding from Homes England (formerly HCA).
Councillor Ric Pallister, Leader of South Somerset District Council and Portfolio Holder for Strategy & Policy, says: "As South Somerset's leading Housing Association development partner, I am delighted that Stonewater has been able to bring forward a scheme that helps to achieve a balanced range of opportunities for local families. Previously reliant on the rented market, this scheme will deliver real opportunities to take a stake in affordable home ownership for those families able to take that next step up the ladder. Stonewater is yet again delivering the right homes in the right places to meet a proven need."
Andy Corp, Managing Director of Halsall, says: "It is my pleasure to echo Stonewater's announcement that Halsall Construction and South Somerset District Council are working in partnership with Stonewater to deliver the homes at Balsam Park. We're delighted to be part of this housing scheme, not only because it's testament to the strong working relationship we have built together, but because Stonewater's mission is to deliver good quality affordable homes to people who need them most and at Halsall Construction, we have a strong track record of delivering quality residential property across the South West.
"Being able to get on the property ladder, especially for the younger generations, is not always an easy task and to be part of a development which will offer the 'Rent to Buy' scheme that can assist many people into buying their own home, is something we are proud to be a part of. I look forward to closely tracking the progress of this scheme and seeing it reach its fruition."
Stonewater is also working with South Somerset District Council on a nearby development of 14 affordable homes for rent and shared ownership at the former Dykes Nursery in Stoke-sub-Hamdon, near Yeovil.
For further information regarding the Rent to Buy scheme, please contact Stonewater Homes on 023 8065 8858 or visit their website.