Affordable Home Scheme launched for Essex Residents
For those looking to jump on the housing ladder, an exciting opportunity has arisen at St Luke’s Park development in Runwell, Essex. Development partners, Countryside and the Homes and Communities Agency, have just launched a special selection of one to three-bedroom homes within the Maple Grange phase of the development, which are available for purchase via a Low Cost Home Ownership scheme.
Offered initially to Runwell and Rettendon residents, the scheme enables eligible buyers to acquire up to 60% equity of the property and pay no or little rent on the remaining equity for the first 10 years.
Chris Bladon, Managing Director of Countryside’s New Homes and Communities Eastern Region commented: “Following the successful release of the Low Cost Home Ownership scheme in 2016, we are delighted to launch a new collection of homes reserved for the local community. Getting on the property ladder can be a huge challenge for first time buyers, so housing schemes like the Low Cost Home Ownership scheme can be a real lifeline for buyers. The properties will ensure a good mix of affordable, contemporary, new homes for couples to growing families, set in a thriving new community.”
The eligibility criteria for these homes adjusts overs a 12 week period and qualification of the buyer is dependent on four main priorities and a number of criteria. Priorities are as follows:
- The first priority (applicable from 24th July 2017) is for buyers who reside or work in Runwell or Rettendon at the time of application.
- Purchasers that have family members in the area will be given second priority (applicable from 21st August 2017).
- Those in or working in the administrative boundary of the City of Chelmsford will be considered next along with buyers that have family members residing in Chelmsford (applicable from 18th September 2017).
- If there are Low Cost Home Ownership properties available to purchase after the 12 week period, the homes are available to buy from any people complying with the Financial Qualification Criteria (applicable 16thOctober 2017).
Other criteria and further terms and conditions apply, and each application will need to be reviewed and approved by Chelmsford City Council. Current serving military personnel, all those who have left no later than 24 months ago with at least six years’ service will take priority over other eligible purchasers, however they still need to comply with one of the four main priorities. Buyers do not have to be a first time buyer in order to qualify. Prices start from £290,000 and a minimum 10% deposit is required.
St Luke’s Park is an exceptional collection of 575 homes, comprising apartments and traditional three, four and five-bedroom homes set within 200 acres of landscaped grounds, as part of the exciting regeneration of the former Runwell Hospital. With an attractive landscaped entranceway, St Luke’s Park is surrounded by mature trees and woodland and also features tranquil woodland walkways, a carefully refurbished Grade II listed chapel, a proposed new primary school and a range of community facilities.