Today, Loddon Homes welcomes its first shared owners to their new homes at Elizabeth Road in central Wokingham. The buyers of the two semi-detached homes have been able to purchase under the Help to Buy: Shared Ownership scheme which helps residents to purchase a percentage of their home while paying rent on the remaining portion owned by Loddon Homes. The Help to Buy: Shared Ownership scheme enables people to buy a house of their own that they otherwise just would not be able to afford in a Borough like Wokingham, where house prices are more than 50% higher than the national average.
Gary Cowan, Chairman of the Loddon Homes Board commented “Through providing these new shared ownership properties to residents of Wokingham Borough we are able to provide financially accessible purchasing options for those individuals that are unable to buy on the open market due to ever rising house prices in the Borough. With this offering, Loddon Homes has made it possible for these buyers to get that all important first step on to the housing ladder without the huge deposits required if they were to purchase a house on the open market. Loddon Homes is delighted to be able to help our very first shared owners to buy a home of their own”.
The spacious, semi-detached homes at Elizabeth Road feature three bedrooms, en-suites to the master bedrooms, large living spaces, good sized gardens and designated parking. The two homes are ideally located in close proximity to Wokingham town centre and mainline train station.
These properties, as well as two brand new maisonettes at Barrett Crescent, mark the first shared ownership homes built by Council-owned development company Wokingham Housing (WHL). Upon completion the homes were purchased by Loddon Homes, another Council-owned company, which is a regulated Registered Provider of housing who remain a part owner of the homes for the unsold share, until the shared owners can afford to buy more of their home, and eventually hopefully own all of their home outright. The developments were built on underused Council assets, replacing two sets of dilapidated garages. As shared ownership properties, the developments have benefited from a Government Homes England grant of close to £90,000.
Bill Flood, Managing Director of Loddon Homes commented that “These new properties mark the first of many shared ownership homes that WHL and Loddon Homes will deliver over the coming years and form part of a broad portfolio of affordable homes being delivered in the Borough. These homes, commissioned by Wokingham Borough Council to meet local peoples’ housing needs, are giving individuals on lower incomes the opportunity to purchase and rent homes at a level that they can afford so they can stay close to family, friends and jobs”.
All Loddon Homes shared ownership properties have been built to life-time homes and Secure by Design standards.
To find out more about future affordable housing schemes in Wokingham Borough please visit loddonhomes.co.uk.
