Celebrating Poundbury Magazine Issue 6: The bright thinkers and entrepreneurs | Page 32
PROPERTY
Evan Cull receives the keys for his new home
Melrose Court atrium
AFFORDABLE
HOUSING
Did you know that in Poundbury an impressive 35%
of all housing is affordable?
T
here’s a range of schemes on offer that can help you get on the
housing ladder in Poundbury ranging from first time buyers, home
owners who want a bigger house all the way to affordable housing
for the over 55s.
Today’s economic conditions have made it even more of an uphill
struggle to secure your first home, especially for young buyers.
Thankfully there are innovative schemes available that make it easier to get the keys
to a new home in Poundbury.
In fact, more than 350 affordable homes have been built in Poundbury for families
and young professionals in the past 25 years.
Affordable housing ha s always been an integral part of The Prince of Wales’ vision
for Poundbury.
Alongside existing affordable rent and shared ownership, Discount to Open
Market – which ZeroC first pioneered in Poundbury in 2015 – means first time
buyers can purchase properties with a 25-30% discount. The buyer retains 100%
ownership of the property but must sell the home on with the same discount they
received when they bought it.
The difference between the Discount to Open Market Scheme and other
government starter initiatives is that the homes will remain discounted in perpetuity
for future generations to benefit from.
The Duchy of Cornwall says the future will see a further 355 affordable homes
made available in Poundbury with 50% available for rent, 25% shared ownership and
25% Discount to Open Market scheme.
Local first-time buyer Evan Cull, who is a software developer, recently bought his
home using this scheme. The 31-year-old has become the final homebuyer in the first
phase of a Discount to Open Market scheme at Vickery Court in Poundbury.
He said: “Discount to Open Market is a great scheme.
“It is a real challenge to save enough for a deposit and there is the well documented
affordability gap between house prices and wages in this area, so I am delighted to be
able to buy this property.”
He added: “The way the scheme works means that the property will remain
affordable for the next buyer when I leave. It is definitely a good model and we need
more houses of this kind.”
ZeroC sales consultant Catrina Harfield said: “Discount to Open Market is a
brilliant scheme.
“We have managed to include more properties in this development than first
envisaged and look forward to continuing to help the council meet housing needs in
the area.”
Catrina was joined by ZeroC associate director Craig Bates and Councillor Tim
Yarker, who is housing portfolio holder for West Dorset District Council, to hand
over the keys to Evan.
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AFFORDABLE HOUSING
NEWS
SHARED OWNERSHIP FOR
OVER 55s
Melrose Court on the Great
Field is providing shared
ownership offers for the over
55s. Contact Yarlington for
more details by emailing
[email protected]
or calling 01935 404006
SHARED OWNERSHIP
Shared ownership and
housing for social rented
schemes is available via The
Guinness Partnership, Magna
Housing and Stonewater.
To apply for these schemes
you must join the local
housing waiting list.
Magna Housing www.magna.
org.uk/my-home/new-home/
find-a-home/
The Guinness Partnership
www.guinnesspartnership.
com/find-a-home/buy-a-
home/
Stonewater Homes www.
stonewaterhomes.co.uk
Poundbury offers several affordable housing schemes
Melrose Court apartment
The two-bedroom flat at Vickery Court was sold for £163,500, 25% lower than the
open market price of the property.
The Opening Doors campaign has been launched by all the councils in Dorset.
Councillor Yarker said: “Discount to Open Market provides homes that are up
to a quarter less expensive than the open market, with the discount locked in as
and when the properties are sold. This is a big help for local people getting into the
home market.
“We need a mix of quality homes of all tenures, including Discount to Open Market,
which Opening Doors seeks to address.”
Help to Buy is another really popular scheme many house buyers
use to purchase a bigger home.
HOW DOES HELP TO BUY WORK?
Here’s a quick and helpful guide by Morrish Builders
• A 5% deposit is required
• The government will loan a 20% contribution towards the value of your new
home which can be up to a maximum of £600k in England
• The government loan is interest free for the first five years. A fee of 1.75% is
payable thereafter on the equity loan (check current terms and conditions)
• A 75% mortgage from a mortgage provider is required
• The Help to Buy government loan can be repaid in full at any time or on the
sale of your new home
• The scheme is available to both first time buyers and principle home owners
• The government portion of the loan is paid directly to the registered house
builder making it an easy process
• For more information about terms and conditions see the government’s
website www.helptobuy.gov.uk.
AN EXAMPLE USING HELP TO BUY
AFFORDABLE HOUSING
ELIGABILITY
WHO IS ELIGIBLE FOR
SHARED OWNERSHIP?
Firstly, you need to be over
18 and a resident in the UK.
When purchasing using
Shared Ownership there is a
maximum household income.
Your household income
should be less than £80,000.
DISCOUNT TO OPEN
MARKET HOUSING
Discount to Open Market
properties are typically
sold on a long lease with
the discount applied to all
subsequent sales.
Contact ZeroC to find out
more about this scheme
www.zeroc.co.uk.
An example using Help to Buy on a £290k home
House Value: £290,000
• 5% Deposit: £14,500
• 20% Government Loan: £58,000
• 75% Mortgage: £217,500
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