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. 32 WWW.CELEBRATINGPOUNDBURY.CO.UK 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 WWW.CELEBRATINGPOUNDBURY.CO.UK 33