£100,000 homes launch by Mayor James Palmer ahead of roll-out across Cambridgeshire and Peterborough
PUBLISHED: 10:53 03 March 2020 | UPDATED: 19:04 03 March 2020
Work has started on Cambridgeshire’s first block of eight £100,00 homes pioneered by Mayor James Palmer as it was revealed that over 1600 people have already expressed an interest.
"Other homes are at the planning stage for Cambridge and South Cambs," said the mayor. "Within a short space of time nowhere in Cambridgeshire or Peterborough will be without these homes."
He was speaking at the launch on the 23-acre site in Market Street, Fordham, where amidst the 100 homes being built will be the eight one-bedroom homes that will each be offered for sale for £100,000.
Mayor Palmer said the idea had been sometime in development but now it was up and running and it was a scheme of which "Cambridgeshire can be proud."
He said: "When you buy one of these homes it is yours; it is yours for as long as you want it."
The mayor said that the Cambridgeshire and Peterborough Combined Authority was working with building societies that could see £98,000 mortgages being offered in some instances.
"If you are in work then this will work out cheaper than renting," he said. "We are here to support people who do not have rich parents to provide a deposit -it is a stepping-stone for absolutely everybody."
Covenants determine future sales but the principle of freehold sales to those qualifying (i.e. they cannot be bought by investors) means young people can become home buyers for the first time.
£100K Homes are new-build, 100 per cent-owned home and are part of Mayor Palmer's response to the housing crisis.
The £100K homes website (www.100khomes.co.uk) was launched at the start of February, allowing people to find out more and register their interest in buying homes when they become available.
He said that only a limited number of homes will be available initially, with demand expected to exceed supply. First owners will be in their new Fordham homes by Christmas.
And just like owning any home, owners build equity in their property through mortgage payments and can benefit from any house price growth when they decide to move on.
"We want to now press on and turbocharge this unique scheme," said Mayor Palmer. "The need is urgent."