Cresta House Announced
Published 1st September 2022
An innovative shared ownership scheme in Luton could pave the way for a successful new model for affordable home ownership.
The five apartments in Cresta House, Alma Street, marketed by leading estate agency haart, are part of the Keep Homes scheme which could turn the current shared ownership model on its head.
Keep Homes Founder and Director Manoj Bhardwaj explains: “Our Shared Ownership Model is different because no rent is charged on the unsold portion of the home".
"Maintenance and service charges are only billed on the percentage owned and we offer a price freeze"
“In addition, maintenance and service charges are only billed on the percentage owned and we offer a price freeze so buyers can increase the percentage they own, based on the initial sale price without the need for valuations. This allows our customers to benefit from the new market value.”
The New Homes team at haart’s parent company, Spicerhaart, has secured the first listings for the scheme aimed at helping first-time buyers to get on the housing ladder.
With the Help to Buy scheme ending, Mark Alvis, Divisional Sales Director for Spicerhaart New Homes, said: “With houses prices rising by around ten per cent a year, current shared ownership schemes can be really restrictive.
“This model will make home ownership more affordable and accessible, providing buyers with a real opportunity to own their home outright rather than remaining part-owners.”
Manoj Bhardwaj from Keep Homes added: “We want to help people to own their own homes. The current shared ownership scheme helps financial institutions to make safe returns while the buyer is tied into rental and often can’t afford to save up to buy their home outright.
“Rather than the landlord-tenant aspect of shared ownership, Keep Homes see ourselves as a silent partner in the property.”
Spicerhaart’s New Homes team is supported by the company’s specialist Just Mortgages New Build Division which will qualify buyers to ensure they are in a position to progress the sale.
John Doughty, from Just Mortgages New Build, said: “Thanks to our relationships with lenders, we’ve had positive feedback that they will support the scheme. Our mortgage advisors will be well-placed to support buyers.
"Great to see a new scheme which will help people to own their own home"
“We’re looking forward to supporting Keep Homes with this venture, it’s great to see a new scheme which will help people to own their own home.”
Keep Homes aims to rapidly grow its portfolio of homes in high-cost areas in the South-East and East Anglia, supported by its sales partner Spicerhaart New Homes.