25 families to benefit from new affordable homes near Looe
The development at Penndrumm Fields is surrounded by stunning Cornish countryside, just a short drive from Looe and within easy reach of local amenities.
16 homes for affordable rent will be advertised through Cornwall Homechoice (4x1bed flats, 4x2 bed flats, 4x2 bed homes and 4x3 bed homes) and 9 shared ownership homes (8x2 bed homes and 1x3 bed home) will be available through Help to Buy South West.
Cornwall Council cabinet portfolio holder for homes, Andrew Mitchell, said: “Delivering affordable homes for local people is a priority for this Council. We have worked constructively and well with Westward who is a key Registered Provider partner for us. Looe is a beautiful Cornish village, but high house prices coupled with low average wages often mean local families are ‘priced-out’ of being able to have a home in this area. Schemes like this for local people will help to address this problem and ensure that there is stock of high quality homes available now and in the future.”
The combination of rocketing house prices has seen the cost of an average home in the county rise to £245,305. In contrast, a 2 bedroom shared ownership home at St Martin has a full market value of £150,000 with opportunities to buy a 40% share at £60,000. High house prices coupled with average wages of £22,443, which is well below the national average, highlights the enormous need for affordable housing in the area.
Chris Duggan, Development Manager at Westward, said: “These new homes at St Martin will be a welcome boost for Looe and will help deliver much-needed affordable housing for local people. The shared ownership homes support people in finally owning their own home in Cornwall, an area where many find themselves excluded from the housing market.”
There are around 20,300 households on the Homechoice register waiting for affordable rented properties in Cornwall and the scheme is an opportunity to provide affordable housing in an area of traditionally high value homes.
Many of the affordable rent and shared ownership homes front onto public open space and play park facilities and Penndrumm Fields is close to regular bus routes leading to the town centre. Homes are also within walking distance of the local secondary school, doctor’s surgery, bank and a dentist close by.
The homes are being built by Westward as part of Barratt’s second phase of development. Construction has now begun and is due to be completed in winter 2018.
If you are interested in affordable home ownership in Cornwall, you can find more information and register your interest by going to visiting www.cornwallhousing.org.uk.