Futures Housing Group has partnered with national home builder, Miller Homes, on a multi-million pound housing scheme in Allestree, Derbyshire.
One hundred and twenty of the 400 one, two and three-bedroomed properties being built on the Miller Homes development in Kedleston Road will be allocated for shared ownership and affordable rent (60 of each type) and managed by the housing association.
Shared ownership homes offer buyers the chance to buy a share of the property, usually 25% or 50%, with rent being paid on the remaining share, making them perfect for couples, professionals and growing families.
Affordable rent properties are capped at 80% of the local market rent, meaning tenants can save for the future and possibly buy a home of their own. These properties will be open to people on the housing waiting list.
Futures, which already owns more than 10,000 homes across the East Midlands, is looking to partner with more home builders to help achieve its ambitions. The housing association is keen to grow and is planning to build 300 homes per year over the next three years.
“We are delighted to be working in partnership with Miller Homes on this, our largest ever development project. There is a real need for affordable housing for people who live and work in Derbyshire. Many people have been locked out of the housing market, particularly young people and growing families. Affordable rent and shared ownership homes give everyone the chance to have a safe and secure place to live. By working with national home builders on large developments like this we can provide even more affordable homes for the local community,” said Futures’ Head of development, Helen Brown.
Ben Massey, Regional Managing Director for Miller Homes East Midlands, commented: “We are excited about our new residential development at Allestree and are delighted to be working with Futures Housing Group to provide a range of homes on the development for affordable rent and shared ownership to help meet local housing need.”
Planning permission has been granted by Amber Valley Borough Council and works on the site have begun. The first homes will be ready by spring 2021. Miller Homes and Futures will aim to complete the development by the summer of 2026.