Posted on 18 December 2017
We’re excited to announce that we have signed a £120m deal with Brighton & Hove City Council that will pave the way for 1,000 genuinely affordable homes for local residents. Half the homes will be based on rents linked to the National Living Wage with the other half being shared ownership.
Our partnership is aimed directly at local people who cannot afford market rents or to buy on the open market. The rented homes will be available to local working people including young people and families on what is known as living rent – a rent that reflects local wages, rather than market rent. The shared-ownership homes, available at part-rent-part-buy, are aimed at local buyers who cannot afford the deposit and costs to buy a home outright.
“I love Brighton but I can’t afford to live here despite working in the city centre," said local resident, Elizabeth Neighbour. "I want to live somewhere where I can really put some roots down. The joint venture will potentially change my life for the better.”
Hyde Group Chief Executive, Elaine Bailey explained: “This is a true partnership between a housing association and a local authority that will make a difference to a tremendous number of people.
“Our shared and common goal is to create more homes for those excluded from the market. I would like to congratulate Brighton & Hove Councillors, from every party, for being like-minded partners with a desire to provide quality and genuinely affordable homes, and for Council Officers for their professionalism, diligence and dynamism in constructing the joint venture.”
Housing and Planning Minister Alok Sharma added: “Building more affordable homes is an absolute priority for this Government – that’s why we have increased the affordable homes budget to more than £9 billion. We believe that shared ownership has an important role to play as part of a diverse and thriving housing market, joint ventures like this can play an important part in delivering the affordable homes the country needs and deserves.”
Councillor Warren Morgan, Leader of the Council said: “This is an exciting time for Brighton & Hove City Council. It is our commitment to providing genuinely affordable homes for local people who are working hard and struggling to get by that has driven us on. The 1,000 affordable homes are needed for the staff that run our public services and local businesses. This is the biggest housing delivery project in the city in a generation and it is truly innovative. This is a real first of its kind, which will help to meet housing needs in Brighton & Hove for years to come.”