Local housing association Aster Group is set to build 290 new affordable homes in Devon after securing nine new development deals, representing one of its biggest ever single investments in the county.
The new affordable homes for local people will be built in locations including:
- 102 in Cranbrook, Exeter
- 61 in Matford, Exeter
- 22 in Swan Park, Dawlish
- 17 Mead Park, Bickington
- 17 Larkbear Tawcroft in Barnstable.
Construction is already underway at Mead Park and Larkbear Tawcroft, with the first tranche of homes expected to be ready for buyers to move into in spring 2022. The homes in Cranbook, Matford and Swan Park are planned for delivery by 2026.
Amanda Williams, chief investment officer at Aster Group, said: “We are delighted that we will be able to bring 290 new affordable homes to communities across Devon where they are needed to help address a chronic shortage. A proportion of the homes will be available for social and affordable rent and for those keen to get on the housing ladder, there will also be homes available to purchase through the shared ownership scheme.”
Shared ownership provides an affordable way onto the housing ladder. Buyers purchase a share of a property and pay rent on the remaining share. This reduces the size of the initial deposit required and if they want to, purchasers can buy more shares in their property (known as staircasing), eventually leading to outright home ownership.
The nine Devon developments are part of a £62 million investment by Aster across 14 sites which also includes Gloucestershire, Somerset, Dorset and Hampshire. The programme will deliver nearly 400 affordable, social rent and shared ownership homes, and adds two further Community Land Trusts (CLTs) to Aster’s growing portfolio of developments using this delivery method.
For further information, visit www.aster.co.uk