Housing association Aster Group is set to bring its first shared ownership properties to West Sussex later this year.
The £4.8million development, The Hedgerows, has now launched to local people in the village of Eastergate and surrounding areas, comprising 20 two and three-bedroom properties. The scheme is the first all-shared ownership scheme Aster has delivered in the area and adds to its current portfolio of 2,435 homes of this type across the south.
The development is a partnership with Taylor Wimpey, with Aster acquiring the 20 homes via a Section 106 acquisition. Homes are set to complete in August this year and are now available on the market.
Available through shared ownership, the scheme allows people to buy a percentage of a property, usually with a mortgage, and then pay rent on the remaining share. This provides an affordable option for people to get onto the housing ladder and realise their dream of becoming homeowners, providing security for individuals and families.
Amanda Williams, group development director at Aster, said: “The Hedgerows marks our first foray for shared ownership in West Sussex, an area known for its expensive housing. Shared ownership provides choice to residents priced out of the local housing market, giving them the chance to access a home they own via a lower deposit.
“We are committed to offering choice across our portfolio and we know that shared ownership is valued by customers as an alternative to renting or buying through a traditional mortgage. In fact, our latest shared ownership report shows that 70% of people surveyed want to see the government agree new annual build targets for it. This alternative route into home ownership enables people to live the reality of owning their very own home.”
Last year, Aster expanded its footprint in the South of England with nearly 100 affordable homes across its first sites in Surrey. The group built more than 1,100 homes between April 2018 and the end of March 2019 as part of its £2bn investment plan which forecasts a build programme of over 10,700 homes during the next seven years.
For more information about the homes at The Hedgerows, visit our development page or call Louise Long on 01264 405 630