The first residents have moved into their new homes at Three Oaks, a 100% affordable scheme for Isle of Wight residents in Newport.
Built by Captiva Homes and sold by SNG in partnership with the Isle of Wight Council, the new build development contains 1 to 4-bedroom homes specifically designed to support local families and the increasing need for affordable housing on the Island.
The result of a £30million investment by both partners, when complete Three Oaks will deliver 145 properties available through Shared Ownership and affordable rent.
The first 2 phases of 3-bedroom Shared Ownership houses were heavily over-subscribed and sold very quickly after their release, proving hugely popular with local families. The next phase is due to launch imminently and will offer a further collection of 2 and 3-bedroom houses through the government-backed scheme.
An additional selection of properties, including 2-bedroom apartments, is expected to launch in 2026.
The first residents to move into this exceptional development were first-time buyers Kerry and Sam, with their 1-year-old son. After moving in to their new 3-bedroom home earlier in November, they’re now looking forward to enjoying family life in their very first home.
The couple have commented:
“We were living with family on the Island while our house was being built, so we’re very happy to finally be in our new home and have our own space. This is our first family home so it’s a really big deal for us, we now have a secure family base for our son. Shared Ownership has been excellent for us; it’s truly a stepping stone into homeownership.”
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Kerry and Sam were closely followed by the second residents, fellow first time buyers Amy and Daniel. The Island residents moved into a 3-bedroom semi-detached home with their 3 sons, and are excited for the next chapter of their lives.
Amy and Daniel said:
“We’re thrilled we’ve finally got the security of owning our own home now. The buying process was straightforward and easy to navigate; SNG were so helpful guiding us through everything we needed to do. We’re looking forward to settling in and enjoying our first Christmas in our new home. The boys can’t wait for us to get started on decorating their rooms too!”
Claire Blenkin, Head of Sales at SNG, comments:
“We were delighted to welcome our very first residents to Three Oaks earlier this month. The first phase sold incredibly well, with all homes going to island families, and the new residents will now be able to enjoy living in high-quality, sustainable homes designed to provide excellent energy efficiency and potentially lower household bills. I hope our new residents will make lots of happy memories in their new homes, and we look forward to continuing to build a strong community at Three Oaks over the coming months.”
Speaking of the partnership, Iain Delaney, CEO of Captiva Homes, comments:
“Three Oaks is a project that delivers on so many fronts for Islanders. As well as 145 affordable social rent and shared ownership homes, it delivers a play park for the local community and, thanks to cooperation with SNG and the Isle of Wight Council, it’s been delivered at pace. Collectively, we are now delivering the largest affordable housing project the island has seen in decades and we are proud to be helping make a life changing difference to many Island families.”
Please be wary. These are sold as affordable and that you can buy the whole house eventually but it is all a massive con and very sugar coated by these greedy companys. I fell into this trap when I got mine 5 years ago. Your rent and maintenance payment become over inflated as well as your mortgage increases. they will also force you to buy their chosen insurances even when you can get it cheaper yourself elsewhere. You do not have the same protection and rights as a renter so the housing companies will not help you with any faults… and there will be plenty of faults because these are built quickly and cheaply using poor materials which start to show after a few years as me and my neighbours unfortunately discovered. You cannot buy more of the other half as each time you do you have to pay mulitple high fees but also as the value of the property goes up so does the cost of the percentage you need to buy, It is an ever moving goal post. If you cant buy the rest of your property then your rent and maintenance bills will keep increasing each year and becoming more and more disproportionate. Unfortunately these properties are impossible to become a forever family home so the only way out is to go back to full rental or hope you can get a massively downsized property on another small mortgage.
Yes i agree.not what it seems.
I wouldn’t touch them with a barge pole.
Yes agreed but if they are unable to obtain a big mortgage have small cash desposits
Not much chance but to take this step
Hopefully better wages they may be able to move on
Buying the councils percentage is very rare normally people sell after five years to get away from coucil increases in rent
Very true. An extremely dubious legal con and from which very few individuals actually profit. Also anyone unfortunate to live north of St. Marys will soon find it an even more frustrating journey even at non rush hour traffic times as the already gridlock will only become worse with all the extra traffic generated from the new Horsebridge Hill debacle.
Like I have always said, there is no such thing as an affordable home, if there was, people wouldn’t need to get burdened with a life long mortgage
Completely agree with Jane ..this has been going on for years a friend got caught in this trap over in portsmouth with a housing assocation scheme and when he decidided to move out it was a nightmare . This social
housing/ /affordable homes are only helping the housing development companies and councils to meet the Govrment figures . Socilal housing needs to be funded by the Goverment and housing to go back to Council run housing schemes like it was before Thatchers right to buy plan .
You know the old saying “if it seems to good to be true it probably is”
Of course we all want to see young families properly housed but the answer is not to be found in profit driven schemes such as this. We have to face the fact that for now, home ownership is out of the reach of many young people. If renting is to become affordable and secure once again, we need to return to he position where local authorities build social housing to rent to people. Before the disasterous right to buy scheme, local authorities has stocks of solidly built, well maintained homes available for rent at affordable cost – decent homes where young people could raise families. Right to buy was about relinquishing that responsibility and making a fast buck at the expense of future generations. Those generations are now here and it is no surprise that they are in the position they are in. Massive investment such as we saw after the last world war is needed and a focus on people and not profit.
Don’t touch it with a barge pole, when you go to sell it it’s a different story altogether, the only people gaining is greedy Craptiva who have sold the Island down the river !!!
so to speak. . . . a…….s !!
Well its better than paying corrupt landlords
You are More secure in your own home
Negative side is your paying half rent to council which they can rise when they wish
When you decided to sell the property the percentages which council own will included any increased value of property
The council have no obligations to under take any repairs or responsibility for the property
But better than renting from island landlords and being charged horrendous amounts each month
Enjoy ur home
Shared ownership. The biggest scam on young buyers today. It inflates property prices, you pay both mortgage and rent, and if you think that means you have a landlord to share the mainenance with you, think again.
I know people who live in the new ones off Staplers, they also pay a big rent and mortgage but also a huge heating bill because of the heating installed relies on wood pellet burning which is making their bills expensive and no alternative.