A new home in time for the new year
The new year has got off to a great start for two residents in the South Hams as they’re the first shared owners to move into one of six affordable homes at a new development in Newton Ferrers.
The development, being marketed under the name of Parsonage Lea, was built by Pearce Fine Homes with a total of 12 properties.
We have three for affordable rent and three for shared ownership including a mix of one and two bedroom homes.
Along with the recent occupancy of the first shared ownership home, residents of the affordable rented homes moved in last summer once the properties were completed. The remaining two shared ownership homes are currently in conveyancing.
Plymouth Community Homes' (PCH) allocation was available as part of a Section 106 agreement with the local authority, South Hams District Council where the homes were prioritised for those aged over 55 with a connection to Newton Ferrers and the surrounding area, ensuring that local families in need were given first access.
Shane White and his wife Jane are the latest of many new residents moving into the development.
The couple purchased their shared ownership home from PCH’s sales brand, SO Living.
Shane said: “We both lived in the village for most of our lives. Shared ownership allowed us to afford to come back to the village which we didn’t think would be possible because the prices are so high now [on the open market].
“We spent some time looking around the South Hams at other places, but this came up and we thought that this is our opportunity to be where we want to be.”
Cllr Judy Pearce, Leader of South Hams District Council and Executive Member for Housing, said: “It’s great to hear Shane and Jane’s story and know that we are meeting our promise to help more local people to buy or rent a home in their local community.
“As a Council, we know action must be taken now to ensure local residents are not priced out of the communities where they grew up, close to friends and family. Our Joint Local Plan is helping us to achieve this by demanding that new developments include affordable housing options – either for rent or shared ownership.
“Shane and Jane’s story makes real just how important this is and shows how working closely with partners like Plymouth Community Homes and Pearce Fine Homes we can keep our communities strong and full of life all year round.”
Jo Agnew, Project Manager at PCH, said: “We’re thrilled to be working in partnership with Pearce Fine Homes and South Hams District Council to deliver six much-needed, good quality and affordable homes in the village.
“These are PCH’s first homes in the South Hams and we’re looking forward to delivering more in the future, including at Sherford and Brixton.”
Ben Pearce, Managing Director at Pearce Fine Homes, said: “We have enjoyed working with PCH on this development and are delighted to be part of a scheme to assist in delivering quality affordable housing in such a prestigious village.”
What is shared ownership?
Shared ownership can make buying a home more affordable as a lower deposit is usually required. It allows purchasers to buy a share of the property and get on the housing ladder with a smaller mortgage typically compared to buying on the open market. Shares can range from 25% to 75% and rent will be paid on the remaining share.
To find out more about shared ownership, visit https://www.ownyourhome.gov.uk/.