Member Article

Sheffield is new homes hotspot

The demand for new homes has prompted Sheffield Housing Company to speed up building on current developments and bring forward plans to start the second phase of construction in the city.

Over half of the 108 homes to be built this financial year are already reserved or sold and the government backed Help to Buy assisted purchase scheme is one of the main drivers.

So far 46 buyers have taken advantage of the scheme, which can provide up to 20% of the home purchase price as an equity loan – keeping down costs and mortgage fees.

However, unlike in the South East, where Help to Buy has been cited as one of the reasons for dramatic house price rises, that is not the case in Sheffield. Here mortgage companies are being very strict on valuations and prices have increased by around 7% on average over the past year*.

One couple who benefited from Help to Buy are Gualberto and Caroline Cigala who are buying at the Brearley Springs development in Shirecliffe. Said Caroline: “We were renting privately and wanted to buy but didn’t think we had saved enough deposit.

“We thought it may take us another couple of years to get the money together but Help to Buy meant that we could go ahead and get a beautiful three bedroomed detached house now, which is fantastic.”

Wake Smith, Gualberto’s employers carried out the conveyancing for the couple.

Sheffield Housing Company is a public/private partnership between the city council, regeneration specialist Keepmoat – which is building the properties - and Great Places Housing Group. Over the next 15 years it aims to develop 2,300 new homes – mainly for sale - revitalising neighbourhoods across the city.

Says Project Director, Tom Fenton: “Since we started building around 18 months ago the demand for homes has really taken off. The city is fast becoming a new homes hotspot and the figures suggest that Help to Buy has played a significant role in that.

“We are fortunate to have secured a further Help to Buy allocations for this year and next and I’d encourage anyone thinking about moving to home ownership to take advantage of the scheme whilst the opportunity still exists.

“To meet demand we have speeded up construction at Brearley Forge and opened for sale early at the nearby Brearley Springs with reservations taken on seven open market sale homes being secured in the first two months. All the homes being built during 2014 at Cutler’s View in Norfolk Park are reserved and so we have made an earlier than planned start to the design work on the second phase of the scheme.”

This will involve the building of around 67 homes at Earl Marshal Drive, Fir Vale; 185 at Ravencarr Place, Manor; 111 on three sites at Park Grange Drive and Park Grange Road, Norfolk Park; 126 more at two sites at Buchanan Road, Parson Cross and 48 at Crumpsall Drive, Shirecliffe.

Architects have been appointed to develop designs which will be shared with the community at a series of local consultation events over the coming months. Details of these will be publicised so that people can see and comment on the proposals.

Added Tom Fenton: “The aim is to transform parts of the city by providing modern, sustainable and adaptable homes which local people can afford and can live in for many years. I am not aware of any other builder in the area developing to such exacting standards.

“As the project develops, we are committed to providing jobs and apprenticeships and opportunities for local companies to supply goods and services. This will support economic regeneration as well as improvements to the local environments.”

For more information visit www.sheffieldhousingcompany.co.uk or www.keepmoat.com Alternatively call the Sheffield Housing Company Client Services Team on 0114 203 7129 or email sheffieldhousingcompany@sheffield.gov.uk

* According to statistics from the Nationwide House Price Index report – June 2014.

This was posted in Bdaily's Members' News section by Paul Dobbie .