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Affordable homes: an important breakthrough

Affordable homes: an important breakthrough

We launched our ground-breaking affordable housing strategy on 16th October 2017.  The strategy challenges local authorities and government by demonstrating how the complex barriers to affordable, sustainable housing supply may be reduced, if not removed altogether.  Over 100 members of the press and key stakeholders attended – the latter including construction industry professionals such as land agents, sales agents, construction firms, public sector workers and social/affordable housing specialists, as well as those interested in sustainable property development.

Using a pioneering method of design and construction, we will make it possible to provide in excess of 10,000 quality homes a year by 2021 at affordable pricing on both high and low value land sites in perpetuity, meeting the increasingly unmet needs of thousands of low income householders.

Frustrated with the continued lack of affordable housing provision across the UK, the team here at LCC, along with more than 50 impressive supply partners, is creating new housing and communities in a way not seen before.  Environmentally sustainable features ensure minimal electricity bills, and financial assistance schemes have been developed to help those wanting to buy or rent. Immediate delivery targets of 1,000 UK homes per annum for rental or purchase will rise to a minimum of 10,000 UK homes per annum by 2021 on dedicated 100% affordable housing sites.

Because a dedicated temporary Onsite/Offsite™ modular assembly factory is constructed on each development site, besides the usual traditional building constraints being avoided, there are no volume restrictions on the number of homes that we can manufacture each year.  What’s more – some 100 local jobs are created at each site.

Comments Simon Allso, owner of the design concept and the inventor behind our new method, “We want to provide sustainable housing developments that are accessible to all.  It is clear that successive governments have tried and failed to achieve this – so now it is time for change as everyone deserves the security of a safe, quality home that they can afford to buy or rent, then to run, and yet millions in the UK simply don’t have this as a fundamental sanctuary. We have instigated special legal measures in our purchase contracts for properties in high land value sites to ensure they remain available only to those families under a certain salary threshold in perpetuity, avoiding the properties becoming a commodity to make instant capital gain, or falling into the hands of wealthy landlords.”

Measures that we have introduced, in conjunction with Low Carbon Construction Finance, to assist those struggling to buy or rent such a property include:

  • Those wanting to move from rental to purchasing can get a 100% refund on all the rent they have paid during the first two years of occupation which will be used towards the fixed purchase price.
  • Key workers are able to borrow up to 10% of the purchase price unsecured for up to 15 years at 0% interest.
  • LCC will match first time buyers’ deposits up to 10% of the purchase price to assist with that ever-challenging issue of raising a suitable deposit. This will take the form of a ‘gifted deposit’.
  • Retired customers will be able to secure up to 50% lifetime mortgages, available with no monthly payments required, if they have a 50% deposit and meet the minimum age requirement.

Key supply partners for the properties include leading firms such as Victoria Plum, Topps Tiles, Vent Axia, Howdens Joinery Co., Hemsec SIPs and many others.  Initial tenants, and those purchasing the properties, will be able to choose their own tiles, floors, kitchens and bathrooms from the selected supplier lists.

 

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