This year work completed on a £7.7m project - Banbury Lane - to provide 34 new homes for shared ownership, Rent to Buy and affordable rent in Hunbsury Meadows, Northampton. The scheme was supported by grant funding from Homes England and features a mixture of much-needed, affordable, two- three- and four-bedroom homes.
As well as making great new homes available, the project itself helped to support the local economy with more than £2m of the budget supporting small and medium sized subcontractors based within a ten-mile radius of the site. Our construction partner, Jeakins Weir, also employed a trainee site manager from Bedford College to help accelerate his professional development.
The homes were built with a timber frame system which reduces the development’s carbon footprint compared to more traditional construction techniques. We have also invested in the public spaces around the scheme with footpaths for easy access to the surrounding area and a new bus stop in the pipeline for improving travel into the centre of Northampton.
Shared ownership homes offer buyers the chance to buy a share of the property, usually from 25%, with rent being paid on the remaining share, making them perfect for couples, professionals and growing families. People can increase their share over time if they wish to.
Affordable rent properties are capped at 80% of the local market rent, meaning tenants can save for the future and possibly buy a home of their own. These properties will be open to people on the local authority’s housing waiting list.
“This part of Northamptonshire has long been short of affordable homes,” says Anthony Holt, Director of Development & Asset Maximisation at Futures. “That can make it challenging for local young people and families to find a home within their budget and stay close to their roots. So we’re really pleased to make these new homes accessible to those who struggle to house themselves on the open market."
“This project was a shining example of local collaboration and partnership working, as well as providing an opportunity to train the construction professionals of the future,” added Alistair Weir, Managing Director of Jeakins Weir. “Talented tradespeople from our local SME community played a vital role in creating these fabulous affordable homes in an area where they are greatly needed.”