Families all moved in at Melton affordable homes development
All homes have been moved into at an affordable development near Melton, as Platform Home Ownership celebrates a successful partnership with Burmor Construction.
The housing association helped to meet the increasing demand for affordable housing in this desirable location, with the High Street development providing 16 homes through Shared Ownership and Rent to Buy, in collaboration with Burmor Construction.
Shared Ownership has continued to become a more viable route onto the property ladder, owing to the increase in popularity of the scheme in a time of economic uncertainty. In fact, the start of 2024 saw a 152% sale increase when comparing to last year.
The tenure allows homeseekers to purchase a share of their home and pay rent on the remaining amount, typically buying between 10% and 75% of the property’s full market value, depending on the model purchased with.
This lowers the amount needed for a deposit, with most deposits on Shared Ownership schemes between 5% and 10% of the share and not the full amount.
Through the process of staircasing, those using Shared Ownership can gradually increase the amount of their home that they own.
The development, in the heart of the Leicestershire countryside, comprises an aesthetic selection of two- and three-bedroom homes, offering a charming blend of rural living without sacrificing the character and amenities that a characterful village provides.
Designed with the modern homebuyer in mind, with space for remote working, dressing areas and other purposes, the homes at High Street provide the ideal space for a variety of home seekers to settle into.
Sam Harwin, Associate Director at Burmor Construction said: “We are delighted to collaborate with Platform on the High Street development, providing much-needed affordable housing solutions in such a desirable location.
“Our aim was to design homes that not only blend seamlessly with the charming rural character of Waltham-on-the-Wolds but also meet the modern needs of homebuyers.
“The success of Shared Ownership and Rent to Buy schemes here demonstrates the community's growing demand for flexible homeownership options.
“We are proud to contribute to this project, helping more people take their first steps onto the property ladder.”
Rada Knezevic, Sales Consultant for Platform, said: “It’s important to us at Platform that we extend our affordable routes onto the property ladder in as many different locations as possible.
“Waltham-on-the-Wolds is in a unique location, where many younger people who want to live near their family home are unable to extend to outright sale, and our partnership with Burmor has helped many on their journey towards home ownership.
“Shared Ownership and Rent to Buy are quickly becoming more viable ways of securing a home, so to help so many people on that journey while increasing education around the schemes is rewarding.”
For the Rent to Buy homes, prospective renters will typically pay 80% of market value, with the remaining 20% going towards a deposit for future purchase. The option to buy is available through Shared Ownership or outright purchase, offering flexibility to fit with a unique homeownership journey.
Eligibility criteria for Rent to Buy include being part of a working household, not owning a home, and planning to live in the property. A stepping stone to homeownership, Rent to Buy offers an accessible path for those unable to save for a deposit upfront.
High Street is nestled in the stunning countryside of North Leicestershire, and in a great spot for first-time buyers, young professionals, commuters and many types of homeseeker. The development is a few miles away from Melton Mowbray town centre, which is rich in historical culture and amenties.
Nottingham, Leicester and Grantham are easily accessible via the fantastic road network connecting the countryside to larger settlements, with the A607 running through the village providing a link to further major roads including the A1, A46, A606 and A52.
Platform currently has Shared Ownership homes available at Kestrel Fields in East Leake. For more information, please visit https://www.platformhomeownership.com/development/kestrel-fields or call the team on 0333 200 7304.