Affordable Home Ownership Options
Low Cost Home Ownership
Despite difficult market conditions at the present time, there are still a number of households looking to purchase low cost homes within West Somerset
There are a number of ways in which low cost home ownership is delivered in West Somerset. This includes the more traditional shared ownership (now known as New Build Homebuy) which involves purchasing a percentage of the home and renting the other percentage from a Housing Association and Discounted Purchase direct from the developer or owner (properties are generally available at 70% of the open market value).
Many of the properties available for sale have a local connection restriction and will be restricted to households earning less than £35,000 per year, although the exact details may vary.
If you would like to apply for low cost affordable housing in West Somerset you should register your interest with South West Homes, the Government appointed agency for administering low cost home ownership schemes in the south west. This can be done online. Alternatively, you can request a form from the Council's Customer Services staff or by telephoning South West Homes direct on 01803 217600.
Re-sales of properties within the existing affordable stock will be advertised on the South West Homes website. Many are also placed with local estate agents and are advertised in the property pages of the local papers.
Recent Completions
During 2009/10 13 low cost homes for sale were delivered in West Somerset. 11 of these were delivered in partnership with Summerfield Homes and their 'My Home' product. The other 2 were delivered by private developers.
Future Schemes
West Somerset Council maintains a Development Register to monitor the delivery of affordable housing and aims to maintain a three year delivery programme.
Delivery during 2010/11 is likely to be affected by both the lack of Government Grant available to develop new homes and the general financial climate, however, it is anticipated that Magna West Somerset Housing Association will deliver two homes in Stogumber. In addition, by March 2011, work will have significantly progressed on a scheme in Watchet to deliver 18 low cost homes for sale.
The provision of future low cost home ownership schemes in West Somerset will be largely dependent on the need and the prevailing market conditions.