People looking to get their feet onto the property ladder in Kirklees will soon have the opportunity own their own home, after a pioneering £5 million investment deal has enabled the delivery of a new development of affordable housing by funder QSH.
Under a partnership agreement between housing funder QSH, Kirklees Council and Kirklees Neighbourhood Housing, 49 new family homes will be delivered in Chickenley, West Yorkshire. Local construction company, Triton, is the construction partner.
Located off Chickenley Lane, construction is due to start imminently and, when complete, will provide two and three bedroom family homes across a range of house styles. All of the properties will be available on QSH’s pioneering Rent-to-Buy model, with a number of the properties being offered at affordable rent levels.
Paul Hardisty, Chief Executive at QSH, said: “At QSH, we are committed to helping people of all ages take that first step onto the property ladder and own their own home, and all of our properties at Chickenley will be available under our rent-to-buy initiative.
“Complementing the government’s Starter Homes initiative, this innovative model will enable people to save for their own home whilst already living in it, whilst for those who wish to rent for the longer term, the properties will still be offered for occupation for up to 20 years. It’s a win-win for local families and will go some way to relieving the desperate shortage of high-quality affordable homes in the area.”
The properties will be managed on behalf of QSH by Kirklees Neighbourhood Housing (KNH), who manage three similar schemes for QSH within the region. A growing list of local people have already registered interest in the development.
Cllr Mather, Cabinet Member for Housing at Kirklees Council, said: “The council is delighted to be supporting this scheme which will provide local people with high quality housing. Securing new quality homes for our residents and generating job growth are both key priorities for the Council and this development will bring benefits on so many levels: providing new homes but also supporting the local economy and enhancing the appearance of Chickenley by bringing a vacant and unused site back into use”.
Liz Cook, Chief Executive at KNH, added: “The Chickenley development will provide much needed affordable homes for local people; it will enable people who dream of buying a home, but perhaps need support to build a deposit and credit history, to make those next steps to owning their own homes in an area in which they choose to live.”
QSH’s Rent-to-Buy scheme is a ground-breaking combination of private investment and government enterprise incentives to support affordable housing construction projects, enabling aspiring homeowners to pay affordable rents whilst building up their crucial first deposit.
Under the scheme, tenants will pay affordable rents and have the ability to purchase the property between the first and fifth year after they move in. Half of the tenant’s rental payments will be put towards the deposit they need to secure a mortgage to buy their home (up to a maximum of 10%), whilst those who choose not to purchase during this time can continue renting their homes for a further 15 years.
With plans to invest far more in UK affordable housing, QSH is currently delivering affordable schemes across the UK including a £2 million pioneering scheme in Upperthong, Kirklees, where 15 innovative rent-to-buy homes are currently under construction.
To find out more about the new rent-to-buy properties coming soon to Chickenley, please contact KNH by calling 01484 414886 or by emailing [email protected]