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Mid Suffolk Offers New Shared Ownership Homes

Posted by on 31 March 2017 | Comments

A number of brand new homes are now available for people to buy on a shared ownership basis in Great Blakenham.  

While preference will initially be given to those who have a local connection to Great Blakenham, anyone who is interested in these shared ownership properties should also apply as the opportunity to buy for those without a local connection opens up after 90 days.

In total, 11 homes are available and these include 5 two bedroom bungalows and 6 two bedroom houses.  The scheme offers people the chance to buy a share of the property and then pay rent on the remaining share.  Initially a share can be anything from 25% to 75% of the value of the property, but there will also be an opportunity to buy a bigger share later on, with the potential to acquire full ownership eventually. 

These properties form part of a development on an area of wasteland between Chequers Rise and Kingfisher Drive, Great Blakenham.  Mid Suffolk District Council owned the land and in 2015 were granted permission to build 23 new homes on the site. The scheme, which is being delivered by the council and Havebury Housing Partnership, was paid for by the Homes and Community Agency funding with additional funds provided from Mid Suffolk’s Housing Revenue Account. 

All the homes are finished to a very high standard and can be viewed online

Those eligible to apply for a Shared Ownership property must meet the following criteria:

  • Earn less than £80,000 a year
  • A first time buyer or used to own a home you could no longer afford
  • An existing shared owner looking to move.
  • Must be registered on Help to Buy

Once interested buyers have registered with Help To Buy, they should email: Linnets Sales and Letting Agency 

Anne Bennett, Babergh and Mid Suffolk Corporate Manager for Development (Housing and Regeneration) said, “We are delighted to be a position to offer our first shared ownership homes in Mid Suffolk since 1992.  This is an excellent way to help local people to get a step on the housing ladder without having to get a mortgage for the full value of the property.  It also means that at some point in the future, when they feel in a better position financially, there is an opportunity to ‘staircase’ up to full ownership.”