Work has started on a development of affordable housing in the Preston village of Houghton, offering a lifeline to those struggling to get on the property ladder.
The 30 homes will be available through Together Housing Group via a mix of shared ownership and affordable rent as part of Vistry Partnership’s wider development at Coupe Green, off Methuen Drive. The remaining 40 homes will be sold at market value under Vistry Partnership’s leading housebuilding arm – Linden Homes.
The average house price in Preston is seven times the average income, pushing the property ladder out of reach for many individuals, couples and families.
Kevin Ruth, Deputy Chief Executive of Together Housing Group, said: “Shared ownership is another way to buy your home. You buy a percentage and pay rent on the rest. We own part of it — but you’re living there, you decorate it, and you decide when to sell. Buying a percentage means a smaller deposit and smaller mortgage. It’s a sooner first step on the ladder for lots of people and you can buy more shares as and when you can afford it.
“In addition to 12 homes available for shared ownership, we are also offering 18 for affordable rent. The beauty of renting from Together Housing is you have access to a 24/7 customer services helpline and a dedicated maintenance and repairs team.”
Vistry Partnership’s Managing Director for the North West, Ian Hilliker, said: “We are extremely pleased to have reached an agreement with Together Housing over our Coupe Green development. It is a fantastic project which will bring a range of properties to the area, with varying sizes and tenures, meaning local people can find a home that is right them.”
The properties come in a mix of two and three-bedroom semi-detached and detached. The first properties are expected to be ready to move into August 2021, with the development due to be complete by summer 2022.