The £100k Homes Project is an innovative new form of affordable home ownership. £100K Homes offer an affordable step on the property ladder for first time buyers who live or work in Cambridgeshire and Peterborough.
£100K Homes are one-bedroom homes available to buy at £100,000. They will offer an affordable step on the property ladder for people who live or work in Cambridgeshire and Peterborough.
It is a more affordable home ownership option than other models, such as Shared Ownership and this is because purchasers will own 100% of their home and as such, will have no additional rental payments to make.
The affordability of the property will also be secured for future purchasers in perpetuity.
• 2,275 people have submitted Expressions of Interest for purchasing a £100k home
• The first £100k Home completion is expected in early 2021
• Delivery of first 19 £100k Homes are already underway
The first 8 £100k homes in Fordham have now been built and allocated to people with a local connection to Fordham.
There are three projects now on site and additional sites are in the pipeline, work is also continuing in gaining planning permissions to expand delivery to meet the great demand.
This programme shows the ability of local government to be truly innovative and forward-thinking when considering the needs of its communities and traditional models of affordable home ownership have only gone so far in addressing this problem.
The Cambridgeshire & Peterborough Combined Authority are working in partnership with local developers to deliver £100K Homes as well as in partnership with mortgage providers, to ensure that accessing a mortgage is not a disproportionate barrier to £100K Home purchasers.
Home ownership is out of reach for so many working people and traditional models of affordable home ownership have only gone so far in addressing this problem. £100K Homes offer an invaluable solution for local, working people to get their foot on the housing ladder and this model could be replicated nationally.
New £100,000 homes to be available in Cambridge City
Work begins on new £100K homes
Mayor Blog overview of the year 2020
A look inside the first £100K Homes