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23 April 2009
“The success of the Homes and Communities Agency’s Design for Manufacture (DfM) programme is clearly evident in Horn’s Cross in Kent,” said Jonathan Martin, area director for the Homes and Communities Agency in the Kent and Essex Thames Gateway. “It is very pleasing to see the success this programme is enjoying with prospective purchasers. It is proof that higher design standards, combined with high quality workmanship, are not beyond the reach of home purchasers.”
Mr Martin was commenting on the development at Horn’s Cross where Countryside Properties has completed and fully reserved all the homes for sale at its Design for Manufacture (DfM) site. Now known as Stone Rise, near Bluewater, in Kent, 37 homes at Stone Rise were developed as part of the DfM competition administered by the Homes and Communities Agency (HCA).
The competition, which was launched in 2005, challenged the housebuilding industry to create high quality, sustainable and well-designed homes for a minimal construction cost.
Stone Rise has succeeded in showing how DfM can construct environmentally friendly homes efficiently and without sacrificing quality and sustainability standards. The development has proven very popular with all 26 apartments for private sale now reserved in under a year since its launch back in May 2008. Over half the reservations have been achieved since the New Year.
One of the purchasers at Stone Rise is preschool nurse, Hayley Shewbridge, a first time buyer who thought she would never have the opportunity to purchase her own apartment. Now, with the help of the Homes and Communities Agency’s First Time Buyer Initiative (FTBI), Hayley has been able to purchase a new apartment at the development.
Under the terms of the First Time Buyer Initiative only 50% of the full purchase price is required, with the remainder being provided by the HCA.
Hayley has been a resident of Stone all her life. The 25-year old had been living with her parents nearby and noticed a new development being built. On investigating whether she had any chance of buying she discovered that there was a possibility that she might qualify.
The lowest priced one-bed apartments, which started from £129,900, could be bought with a mortgage from as low as £64,950. Two-bedroom apartments could be bought with a mortgage from as little as £79,950. Importantly the purchaser retains a 100% ownership of the property, repaying the Government’s contribution at their own convenience or when they sell the property.
For the first three years of FTBI home ownership Hayley will have nothing to pay on the amount that the government contributed. After three years, Hayley will pay a fee to the government (through Moat, the National HomeBuy Agent) of 1% per annum on the amount the government funded. This fee will increase each year by a fixed percentage reaching a maximum of 3% after five years in the property.
Hayley chose a second floor one bedroom apartment in Stonemead, the central of the three low-rise buildings that are set around a landscaped courtyard. The large windows and spacious layout creates a bright, light and open apartment. The development’s elevated position provides views over to Greenhithe and Gravesend to the east.
Hayley Shewbridge commented: “As I am on the top floor, I now have my very own ‘penthouse’! I liked the top floor layout because of the large L-shaped living room with the kitchen slightly set back in the ‘L’. The rooms are a good size and there is excellent storage. I am delighted with the kitchen with its washing machine – the oak-finished units are stylish and modern. The bathroom is all white and looks lovely and what’s more I have an allocated parking space for my car.”
Stone Rise offers a contemporary Kentish architectural style with weatherboarding and white render complementing the modest scale. Apartments range in size from 529 sq ft to 823 sq ft and offer dual aspect kitchen/living/dining rooms. They all achieve an EcoHomes rating of Very Good and illustrate Countryside Properties’ commitment to sustainable development, placing environmental concerns at the forefront of innovative house building. Stone Rise incorporates efficient initiatives for energy saving and environmentally friendly construction, such as low energy lighting, efficient gas-fired condensing boilers, CFC- and HFC-free insulation and dual flush toilets.
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Note for editors:
The Homes and Communities Agency (HCA)
The HCA is the single, national housing and regeneration agency for England. We bring together the development and regeneration expertise of English Partnerships, investment functions of the Housing Corporation, and the Academy for Sustainable Communities, with major delivery programmes of Communities and Local Government.
Our role is to create opportunity for people to live in high quality, sustainable places. We provide funding for affordable housing, bring land back into productive use and improve quality of life by raising standards for the physical and social environment.
During the next three financial years the HCA controls a budget of £17.3bn.
In total, the Design for Manufacture competition is set to create around 1,200 new homes, an increase of 20 per cent on the original target. The homes are for rent, sale or shared ownership with around 50 per cent available through Homes and Communities Agency's First-Time Buyers' Initiative. www.homesandcommunities.co.uk
First Time Buyers' Initiative
The First Time Buyers' Initiative (FTBI) aims to make more affordable homes available to first-time buyers priced out of the housing market. This scheme enables key workers and other eligible groups to purchase a new build home on a designated FTBI development, with an affordable mortgage and government assistance.
The FTBI is delivered by Homes and Communities Agency as part of the Department of Communities and Local Government’s (CLG) HomeBuy low-cost home-ownership initiative.
The buyer must take out an affordable mortgage, which along with any deposit, must make-up a minimum of 50% of the full purchase price. In return the government will assist with up to 50% of the full property price. Assistance is paid to the participating housebuilder, not the first-time buyer. The government then has an entitlement to a share of the future sale proceeds which will be equal to the initial percentage contribution. For example, if government paid 50% towards a £200,000 home, it would be entitled to 50% of the achieved sale price on sale.
FTBI home owners can choose to reduce the amount payable to the government at any time by making repayments at the prevailing market value. The minimum additional repayment is 10% of the market value.
For the first three years of FTBI home ownership there is nothing to pay on the amount that the government contributed. After three years, buyers will pay a fee to the government (through the National HomeBuy Agent) of 1% per annum on the amount the government funded. This fee will increase each year by a fixed percentage reaching a maximum of 3% after five years in the property.
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Information correct as at 23/04/2009