Keen homebuyers on the Isle of Wight are gearing up for the launch of a brand new large-scale, all-affordable homes scheme.
Applications for the first phase of Shared Ownership homes are due to open imminently at Three Oaks in Newport, with the development delivering 131 properties through Shared Ownership and affordable rent over the next 3 years.
The result of a £30million investment by Sovereign Network Group (SNG) and Captiva Homes, Three Oaks will provide a range of homes designed to appeal to first-time buyers, growing families and downsizers. The 1 and 2-bedroom apartments, and houses with 2 to 3 bedrooms, are not only affordable but also conform to SNG’s rigorous sustainability standards, designed to benefit the wellbeing of all customers.
The first homes to launch at Three Oaks will include 3-bedroom houses, with completion of this first phase of the development anticipated by the end of 2025.
These first homes will be available through Shared Ownership, meaning buyers can purchase a share of the property and pay a subsidised rent to SNG for the remaining share. Over whatever timescale suits them, buyers have the option to purchase additional shares if they wish, providing an affordable route to full ownership in line with the buyer’s individual financial circumstances.
Claire Blenkin, Head of Sales at SNG, comments:
“We are thrilled to soon be launching the first homes at what will be a thriving new neighbourhood for coming generations. These superb new properties will showcase how affordable, sustainable homes can deliver community-wide benefits and support local buyers to achieve their property ownership dreams.”
To find out more about the available properties and about Shared Ownership, visit https://www.sovereignliving.org.uk/developments/three-oaks-isle-of-wight.
In my opinion shared ownership is a con,
just a way to get people on the housing ladder
and sting them.
Not true, read the gov’t blurb online. It gives first-time home ownership to those who wouldn’t be able to afford it easily in a climate of inflated greed by developers. This scheme, and every scheme of this nature gives security; no matter how little you own, the rent you pay on the bit you don’t own is a) affordable, and b) only ever subject to minimal inflationary increases of roughly 3% per annum. On the open market, as we’ve seen in the last few years, rents have increased beyond reason and affordability. Additionally, with minimum deposit and minimum requirement for a mortgage (level of salary) the ownership bit as well as the social status rent gives stability in an unstable age. No section 21 evictions, and every chance of success for recipient’s futures.
Keep dreaming, there are too many extra
costs and it may be they will never own the
Property outright
Ah the government blurb, how can we ever believe what they say.
Shared ownership is actually a very good scheme and is very successful on the mainland.
I have 3 children who have all purchased via this sort of scheme whereas they would not have been able to get a mortgage for a full price house. they all started with 30% share and as soon as they could purchased further 10% blocks using some of the rent they would save to help.
It also sorts out those that are willing to put in the effort themselves and not accept that “affordable” means in most cases “free”
Keep dreaming, there are too many extra
costs and it may be they will never own the
Property outright.
Keen homebuyers?
theres no jobs! And shared ownership is a massive con with lots of hidden charges to con the householder out of even more money
None of the charges are hidden. There in black and white, for those who bother to read the facts in order to make informed decisions.
Very true, so many Numpty’s think shared ownership
is a good thing, they are deluded.
Just like Leasehold and Equity release
(All are a big con!)
I know someone who tried to sell shared ownership & has had no end of problems, it’s ok for the likes of Captiva money grabbing robbers just out for selling this Island down the river for their profits which is all they care about, but when you go to sell look out. . . .
Did you expect something different from a for-profit business other than making money? However, in this instance they have their initial build costs covered, but are willing to wait a long time for the profit to start rolling in clearly.
Get it right please, they are not investing £30 million pounds, they will make more than £30 million pound by simply selling at an average £230 thousand each and they will get a rental income as well. The cost of building rabbit hutches, without solar panels, which should be obligatory, is way below £230 thousand. But hey, it’s a good headline.
The £30m is money given to the housing association (a not-for profit) by the government for the initial land and build costs. It pays that to Capita. The bits (%) of the houses that sell (the mortgages) also go to Capita exactly the same as any other build, the difference being it might take more years to profit from it. The HA then return the money to the government over a period of time in rents. Yes, there is profit to Capita; it’s a for profit company. The monies returned to gov’t go back into the same housebuilding pot to create more schemes. The INVESTMENT is into much needed housing stock, not just £s. They do not sell at 230k AND charge rent. They are VALUED at £230k, but the ‘sale’ could be as little as £23k, (the rest rent).They are not rabbit hutches, they are spacious and fully insulated to offset extortionate energy costs, fully equipped with carpets, kitchens and bathrooms (2 in a 3 bed, plus a downstairs loo), have warm air recovery systems heat (eco) and do have solar panels, an ongoing commitment to climate change.
But Sovereign Network Group are responsible on the the mainland for turning nice estates into ghettos because of the tenants whom they sign up.