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Mayor celebrates build of the first £100K Home

Mayor celebrates build of the first £100K Home

Mayor James Palmer has today (Tuesday 4 August 2020 at 14.00) celebrated the build of the first £100K homes by attending a Topping Out ceremony hosted by Hill developers and partners Scotsdale Garden Centre.

The ceremony took place at Rayners Green development in Fordham, Cambridgeshire where the first eight £100K Homes are under construction, expected to be complete by the end of this year.

The ceremony acknowledged the development reaching it’s highest point of construction with the roofs complete on the  by supporting it, because the need is everywhere and the need is urgent.

“The housing market currently shuts out hardworking people who do not have access to outside finance. The cosy consensus needs disrupting, to give those who have done everything right a helping hand and a first step on the homeownership ladder. That is what I am trying to achieve with £100k Homes.

“It is only through innovative and status quo challenging projects like £100K Homes will we be able to extend genuine opportunity to all residents of Cambridgeshire and Peterborough.”

£100K Homes are new-build, 100%-owned one-bedroom properties which offer a combination of affordable deposit and affordable mortgage payments. They are aimed at giving people who live or work in Cambridgeshire and Peterborough a genuinely affordable step on the housing ladder, while enabling them to live to close to where they work.

They are part of Mayor Palmer’s response to the housing crisis which is seeing many people locked out of the property market and forced to pay expensive private rents or are stuck living at home with parents to save costs.

The £100K Homes website (www.100khomes.co.uk) was launched earlier this year, allowing people to find out more and register their interest in buying homes when they become available.

Only a limited number of homes will be available initially, with demand expected to exceed supply. But the more interest and support from the public, the quicker and at greater scale Mayor Palmer and the Combined Authority can deliver the homes. Members of the public can back £100K Homes by logging on to the website and signing the register of support.

The Mayoral Combined Authority is continuing to work with developers like Hill to secure more sites for £100K Homes.

Other benefits of £100K Homes include owners having an increased ability to save compared with private rents for an equivalent property. And just like owning any home, owners build equity in their property through mortgage payments and can benefit from any house price growth when they decide to move on.

£100K Homes are made available at a discount to their full market value through a legal agreement which stays with the property. The next purchaser would also be someone who would qualify for a £100K Home and they would also benefit from the same percentage discount to the open market value of the property.