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Bourne (near Peterborough) based house builder Larkfleet Homes (www.larkfleethomes.co.uk) has handed over five new two-bedroom apartments in Oakham to Nottingham Community Housing Association (NCHA).
NCHA will be offering the apartments at The Stableyard for sale to local people on a shared equity basis, under which the residents buy a share of the property and pay rent on the rest. Options are then available for residents to buy more shares in the home when they are able, helping them to get onto the property ladder.
Larkfleet itself is offering another five apartments in the same development for sale under the new MyChoiceHomeBuy scheme. Potential homebuyers can get an equity loan contribution from MyChoiceHomeBuy of anything up to 50 per cent of the value of the home. The mortgage is paid off in the usual way with a small monthly fee payable on the MyChoiceHomeBuy share.
Alan Fisher of NCHA said: Working with Larkfleet allows us to help local people who are being priced out of the traditional housing market, despite recent falls in house prices.
The new apartments are part of a development which will include a total of 15 new homes and 11 homes that will be created by converting existing stables and other buildings at a former stud.
Larkfleet Homes is building and selling the homes in conjunction with Hawksmead Ltd (www.hawksmead.co.uk) which purchased the former Barleythorpe Stud in 2002. Hawksmead has subsequently provided
land for both the Oakham bypass and the link road to the bypass which it constructed for Rutland County Council. Hawksmead is currently developing 30 acres of its land in the area for employment
uses.
Hawksmead is currently asking Rutland County Council for permission to change its plans slightly and split one of the 11 planned conversions into two smaller units.
Karl Hick, managing director of Larkfleet Homes, said: We are very conscious of the need to provide affordable homes and the two smaller units will be more attractive to buyers who cannot find finance for a larger home.
The NCHA and MyChoiceHomeBuy apartments also help to meet the need for affordable local homes.
