Fareham-based Landspeed Homes is raising a lot of interest in Sussex with its innovative ways of delivering affordable home ownership to those unable to compete in the ever-rising housing market.
Landspeed is presently offering new three bedroom houses on two developments – in Barnham and at Hambrook – with its very first four bedroom properties also available on the Barnham site.
These follow previous schemes in Chichester, Yapton and Hambrook as well as in numerous other locations throughout the south of England.
A scheme in Kent, delivered in 2015, saw Landspeed deliver a new studio apartment to an 18-year-old purchaser, while the very same site saw a sale to a 65-year-old first-time-buyer!
Working closely with landowners, housing developers and local councils – Landspeed delivers affordable housing to people meeting both local connection criteria (via residence, work or close family connection) and who are unable to afford similar properties in the open market.
Homes are available at discounted values via either shared equity or shared ownership terms but, most importantly, Landspeed’s homeowners do not have to pay rent on the discounted value held by the company.
This alone makes Landspeed almost unique in its approach to the ever-increasing demand for affordable home ownership and one of their directors, and company founder, Ted Reddick, said: “Unlike the conventional approach, we took the view many years ago that homeowners would rather just pay a mortgage than pay both mortgage and rent on their homes.
“We look at the availability of mortgage products as well as our applicants’ specific income criteria and then look to deliver the best possible purchase option to them.
“Unlike many schemes there is no obligations on our purchasers to pay back a loan, as we don’t make a loan!”
Landspeed’s schemes are initially offered exclusively to people registered as looking to buy an affordable home and, in Sussex, this is via www.helptobuyese.org
“The problem is that many people are not aware that they can register to get the priority on schemes such as ours and we would recommend this to anyone looking for a new affordable home,” said Landspeed’s sales co-ordinator Anthony Roper.
“Our purchasers usually pay no more than 75 per cent of the open market value of their property although, if circumstances allow, we can look at higher discounts.
“The 75 per cent mortgage products are usually far more affordable than renting in the open market-place and many of our purchasers have secured their first step on the housing ladder having rented their previous homes.
“Many parents have gifted the deposits required (which is allowed by the mortgage lenders), as they see the scheme as possibly the only way their children will get out of the rental market and be able to afford their own home.
“With interest rates at their lowest for decades – and rents forecast to continue rising - many see it as an ideal opportunity to not only buy, but reduce their outgoings too.”
Further details on Landspeed’s schemes can be found at www.landspeedhomes.uk