While Futures often builds its own new home developments through buying land and commissioning contractors for construction, we also build up our stock of affordable homes by buying new homes from commercial developers.
This is most often done as part of what are called ‘Section 106’ agreements where a local authority has required the developer to reserve a proportion of the homes for a housing association or other registered provider of social housing to buy and then sell on or rent out.
One such project currently underway lies just a couple a miles north west of Derby Centre in the district of Allestree. Here, one of Futures’ main development partners, Miller Homes is midway through constructing Keddleston Grange which will bring around 400 much needed new homes to the region.
As part of the project, Futures will acquire 120 of those new homes to offer as affordable rent or shared ownership properties – targeting those not able to buy on the open market. The homes will include a mixture of terraced and semi-detached houses and ground/first-floor maisonettes.
The development is being built in phases through to 2026 and Futures has already taken possession of over 30 of the homes, ready for their new occupants.
“We’re so pleased to be working with Miller Homes to be bringing these great new homes to our customers” says Anthony Holt, Director of Development & Asset Maximisation at Futures. “We’re investing around £17m in this project as part of our commitment to tackling the desperate shortage of affordable homes across the East Midlands.”
