Elderberry Walk in Southmead, Bristol, is part of a ground-breaking partnership with Cheyne Capital and United Communities offering 161 mixed tenure properties which won’t price local people out of their area.
The idea of mixed tenure housing is to create inclusive and sustainable homes where local residents are prioritised, and people looking to rent or buy are both offered flexibility and affordability.
As well as open market sale homes, which will be available with Help to Buy for those able to purchase, there will also be shared ownership options, affordable housing, rent to buy options, and ethical private renting.
But what does mixed-tenure housing mean?
Help to Buy
Open market sale homes are available to existing home-owners, but can be harder to obtain for those looking to get onto the housing ladder. The Government’s Help To Buy scheme offers first time buyers a reduced deposit to make the first step into home ownership a little easier.
Shared ownership homes help first time buyers get on the ladder with the chance to share a new build home by paying a mortgage on a share of a home, and paying rent to a housing association on the remaining share. This makes the deposit costs much lower than purchasing outright, and the buyer has options to gradually increase their share, potentially up to 100% when they will own the property outright.
Rent to Buy
Those thinking of joining the property ladder can rent a home with the option to buy. This option offers rent at 80% of market price, meaning residents can save 20% as they save to buy their own home. Rent to buy is non-obligatory if renters decide they do not want to buy.
Ethical Private Renting
Ethical renting offers more security and a cap on rent prices, but residents have the same flexibility as a normal private rent. Ethical rent ensures that families won’t be caught out by break clauses or short term contracts, giving peace of mind to those who are unable or do not want to buy their own home.
Those eligible for lower rents, affordable homes are available. Prices are based on the rent charged for privately rented homes, but affordable rent must always be below 80% of the market price.
As well as its wide range of inclusive housing options, Elderberry Walk is environmentally sustainable and has already been awarded Best Large Scheme in Planning at the National Housing Awards 2018, where judges commented: “The design seeks to create identifiable streetscapes, green spaces, secure parking, connectivity to the wider area and for homes to be interesting. Very well planned and looks like a great place to live.”
The development is also a case study in Gloucestershire Wildlife Trust’s ‘Building with Nature’ initiative, which showcases schemes using green infrastructure proven to improve the wellbeing and quality of life of residents. This includes green spaces, dog-walking routes and cycle paths, shared communal facilities, and green corridors for wildlife.
Find out more about Elderberry Walk and how you can register for a sustainable new home here.
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