£100K Home for Christmas - first set of homes for £100,000 now available to purchase in Fordham, Cambridgeshire
The first eight £100K Homes, in Fordham, Cambridgeshire, are now available for eligible buyers to apply to purchase.
The Cambridgeshire & Peterborough Combined Authority, led by Mayor James Palmer, is inviting applications online for the homes from local working people who fit the key criteria of being unable to afford to buy on the open market, having a strong local connection to Fordham and not already owning a home.
The Mayoral Combined Authority will be fast tracking processes where possible with the aim of getting people into their new homes for Christmas.
Points will be allocated based on the Allocations Policy passed today by the Mayoral Combined Authority Housing Committee with the amendment that the upper limit of earnings for applicants should be £50,000 not £80,000 meaning the homes are targeted towards those who can least afford them. Those with the strongest local connection to Fordham, either by living or working there, will be the first to be offered the opportunity to purchase a £100K Home.
The points system is designed to give a fair representation of an applicant’s local connection to the area. It ensures that those with the strongest local connections are given priority. Those who reside in surrounding settlements will also be invited to submit a full application.
The Mayoral Combined Authority continues to work with developers across the region to bring forward more £100K Homes and those who are not eligible for Fordham properties will remain on the waiting list for new builds that come forward in other areas.
The full process for how applicants can express their interest in purchasing a £100K property, the eligibility criteria, how applicants will be prioritised, and the process to accept an offer of a £100K Home can be found here.
Mayor James Palmer said:
“In these turbulent times, it is more important than ever that people have the security of a home they can genuinely call their own. I am absolutely delighted to be welcoming people to apply to purchase their first house for £100,000, and will do everything in my power to get those successful applicants into their new homes for Christmas.
“The housing market currently shuts out hardworking people who do not have access to outside finance. This needs disrupting, to give those who have done everything right a helping hand and a first step on the homeownership ladder. That is what I am trying to achieve with £100k Homes.
“The ongoing success of this programme hinges on bold developers being brave enough to come forward and do something different and I urge more housing developers to follow suit.
“It is only through innovative and status quo challenging projects like £100K Homes will we be able to extend genuine opportunity to all residents of Cambridgeshire and Peterborough.”
Lucy Frazer MP for South East Cambridgeshire said:
“Ensuring that affordable housing is available to local residents is vitally important, and I am pleased that these houses will help increase home ownership in Fordham. Today’s announcement is also mirrored by efforts being made at a national level. The government is committed to ensuring that all residents - especially vulnerable people - are able to find good quality homes, and earlier this month set aside £12 billion to achieve this goal”.
Andy Hill, Chief Executive, Hill Group, said:
“We are delighted to be working with The Mayor of the Cambridgeshire and Peterborough Combined Authority, who’s vision to challenge the status quo has created a pioneering new initiative, which places home ownership within reach for a new generation of local buyers. These homes will be delivered on time and ready for the first residents to move in by Christmas, in spite of the operating challenges caused by Covid-19, which is testament to the tenacity and ingenuity of the team. ”
£100K Homes are new-build, 100%-owned one-bedroom properties which offer the dual benefit of both an affordable deposit and affordable mortgage payments.
They are aimed at giving people who live or work in Cambridgeshire and Peterborough a genuinely affordable step on the housing ladder, while enabling them to live to close to where they work.
£100K Homes are part of Mayor Palmer’s response to the housing crisis which is seeing many people locked out of the property market and forced to pay expensive private rents or are stuck living at home with parents to save costs.
The £100K Homes website (www.100khomes.co.uk) was launched earlier this year, allowing people to find out more and register their interest in buying homes when they become available.
A limited number of homes will be available initially, with demand expected to exceed supply. But the more interest and support from the public, the quicker Mayor Palmer and the Combined Authority can deliver more homes. Members of the public can back £100K Homes by logging on to the website and signing the register of support.
The Mayoral Combined Authority is continuing to work with developers to secure more sites for £100K Homes with more to be announced later this year and next.
Rather than their monthly payment disappearing into the bank account of their landlord, those who buy a £100k Home own it outright and build their equity as they repay their mortgage. As the monthly mortgage payment is expected to be lower than the equivalent private rent amount, £100k Homeowners also have the chance to save more each month; savings that can go towards the deposit on their next homes, in the open market.
£100K Homes are made available at a discount to their full market value through a legal covenant which stays with the property. The next purchaser would also be found through the £100K Home scheme, and they would also benefit from the same percentage discount on the open market value of the property the initial buyer received.
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