Public urged to back trailblazing £100k Homes after website launches
People in Cambridgeshire and Peterborough are being urged to show their support for £100K Homes via a new website for the innovative scheme which makes one-bedroom properties available to buy for £100,000.
Driven by James Palmer, Mayor of the Cambridgeshire and Peterborough Combined Authority, £100K Homes will offer an affordable step on to the housing ladder for those who live or work in Cambridgeshire and Peterborough.
£100K Homes are a direct response to the local housing crisis, which is seeing large numbers of working people struggling or unable to afford to buy a home. A key objective of £100K Homes is to allow people to live close to where they work and stay in communities where they may have strong connections.
The new website, 100khomes.co.uk, allows the public to register interest for when £100K Homes become available to buy. Those not interested in buying a £100K Home, but who think the scheme is a good idea, are encouraged to sign up on the website and add their support.
Although no £100K Homes are available just yet, the first are expected later in 2020. Initially, demand is expected to significantly 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.
Mayor James Palmer said:
“This is a groundbreaking scheme which looks to help the huge numbers of working people who are finding home ownership out of reach.
“A 100%-owned home for £100,000 offers the ideal combination of achievable deposit and affordable mortgage payments, so we expect demand to be significant.
“These homes can be delivered everywhere, including in East Cambridgeshire and Fenland as well as our cities of Cambridge and Peterborough. At £100,000, they offer affordable home ownership to a broad base of working people, no matter where they live.
“People in Cambridgeshire and Peterborough can make a huge difference as we make the case locally and nationally for £100K Homes. If we can show a groundswell of local demand and support, it will mean we can turbocharge the whole scheme.
“I encourage everyone¬¬ to visit the website, find out more, and back this truly innovative, locally-driven scheme.”
The website provides key information, updates and FAQs on £100K Homes as well as a two-minute animation explaining the scheme.
£100K Homes are set to be officially launched in Westminster on March 17 as Mayor Palmer seeks to gather interest and support from the Government and other key influencers to accelerate the delivery of the scheme across Cambridgeshire and Peterborough.
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 which may occur 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.
The Mayoral Combined Authority is working with house builders and developers to bring forward £100K Homes. They are defined as affordable homes under national planning policy, so would count towards affordable homes requirements that may come with planning permission. The Combined Authority has already held a first breakfast seminar with developers explaining to them how they can be a part of driving forward £100K Homes.