Background and business case
Average property prices in Stockport in April were £229,488, according to Land Registry and the last Housing Needs Assessment in 2015 highlighted that over half of households in housing need couldn’t afford a property over £100,000. There is significant need for low cost home ownership solutions.
In Reddish and closely adjoining areas, the annual affordable need is 278 units (HNA 2015) with the current 2019 HNA (underway) expecting to show that the situation has got worse.
This development consists of 5 x Four Bed and 9 x Three Bed properties. There are limited low cost home ownership products such as shared ownership in Reddish and there have been no recent developments, there was a vast derelict space next to some already refurbished property which was used for the development. The building of this scheme will have a positive impact on the community of Reddish, the 40% shared ownership offer will make homes more achievable and affordable. A great deal of families within the Stockport area need larger properties and there is a need for four bed properties.
Total scheme costs: £3,332,446
Value of Affordable Homes Programme support for scheme: £294,000
Recycled Capital Grant Fund (RCGF): £196,000
Scheme size – 14 units – Shared ownership
- Mulbury Homes
- Homes England
- Stockport Council
So far there have been over 56 enquiries before completion.
“Stockport is a borough of high property prices and significant unmet housing need for affordable accommodation. The addition of shared ownership family accommodation in Reddish is particularly welcome and will assist those on moderate incomes to purchase housing within the Reddish area”
Andy Kippax, Strategic Housing Lead, Stockport Council