Affordable Housing Investment
Hundreds of first-time homebuyers queued for several hours to obtain a property on an affordable housing project before a single brick had even been laid.
The land in questions is a sports ground in Bristol, which has yet to be granted planning permission. Developers hope to secure planning for over one hundred new homes on the site, ranging from between £60,000 to £130,000.
The lack of planning permission did little however to dissuade 350 eagerly waiting people to purchase the properties. Paying a £50 reserve fee each, the purchasers now await a decision by the council on the planning application, which is expected to be announced in April.
The homes sold out in an incredible eighty minutes, reflecting the demand and increasing costs of property in Bristol, where a typical two-bedroom apartment can reach as much as £400,000.
21 year old council worker Cherise Leaver was one of the people who managed to secured an option on a proposed house, who said she wasn’t shocked by the demand for affordable housing.
Leaver explained: "This is the only chance I’ll get to buy my own home because house prices are absolutely ridiculous and I just wouldn’t be able to afford it."
Likewise, Richard Williams, a 24 year old civil engineer from Gloucester who secured a two-bed house with his partner said: "We didn’t think we would be able to buy our own place for a long time because the mortgage repayments would kill us."
Affordable housing is cheaper due to the lightweight steel used in their construction, and because communal outdoor areas, such as the garden, are shared.
At the start of the year the Halifax announced that there were 320,000 first time buyers in the UK, the lowest number since 1980. At present, the first time home costs just under £150,000.
Date: 28.02.06
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