Southway has officially launched a project to deliver 46 shared ownership homes*, aiming to help address the large shortage of affordable homes to purchase in east Manchester.
It is the first affordable shared ownership scheme for Southway Housing and offers the opportunity for low cost home ownership for those who may not be able to purchase outright. Partnering with specialist housing developer Mulbury, the houses are being built on a prime spot of empty brownfield land neighbouring a public park on Vine Street in Gorton, east Manchester.
Visual of how new homes will look
Drone image of current site
The development will comprise 46 homes of the 291 allocated to Southway Housing through the Shared Ownership Affordable Housing Programme (SOAHP) - a £7bn national project that will mainly be used to create shared ownership homes. The Vine Street project represents the first development to take place from the funding and building work will begin on site in October 2017, with the first homes being released for sale in January 2018.
Karen Mitchell, Chief Executive of Southway Housing said “We are really proud to start offering a new route into home ownership for people who may not be able to afford to get on the property ladder in a difficult market. Due to funding shortages within the social housing sector, it is necessary for organisations like us to take a different approach in addressing the housing crisis. By entering into the shared ownership market, we can ensure there is a wider variety of affordable housing available, and also alleviate the funding gap, with any profits made being put back into our core area of affordable social homes.”
Greg Mulligan, director of Mulbury, said: “We’re working with housing providers across the region to help them bring forward development sites that provide a tailored solution to housing need. We’re proud to be working on behalf of Southway Housing to help deliver this important shared ownership development.”
*Shared Ownership allows you to buy a share in a new home, ranging from 25% to 75%, depending on what you can afford. A housing association owns the remaining share, and you pay a reduced rent on that share. This means a smaller mortgage and smaller deposit are required to buy the property.