Southern Housing group has considerable expertise in creating attractive and sustainable communities that are enjoyable and vibrant places to live, work and visit. For Free Wharf, we are seeking planning permission to provide high-quality homes to suit a broad range of people, from renters, first-time buyers to people looking to downsize.
Proposed tenure types
As with everything we build, our plans are drawn up with view to appealing to a variety of people with range of requirements: those moving back into the area to be closer to their parents, young families, downsizers, and first-time buyers looking for somewhere to call ‘home’ in the area they grew up in. This is why our scheme will offer one, two, and three-bedroom homes.
Adur residents are also calling out for more affordable housing to be provided in the local area. We have taken this into account: 30% of the homes at Free Wharf will meet the affordable criteria set by the local authority.
As well as homes for affordable rent, private rent and private sale, we will be offering first-time buyers the opportunity to buy their own home through our highly affordable and well regarded shared ownership scheme.
What is shared ownership?
Shared ownership allows people to buy a share in a home with a mortgage and savings or deposit. While they only purchase a share, they live in their home as if they owned it outright. It’s a government-backed initiative and a stepping-stone onto the property ladder.
Shared ownership is an affordable home ownership option. It can be cheaper than renting privately as the mortgage cost and low rent usually add up to less than the equivalent rental payments to a landlord. Residents on shared ownership tenures have the security of property ownership without taking the full brunt of the financial burden.
The purchaser buys as much of the property as they can afford, usually at least 25% and a maximum of 75%, and they pay a subsidised rent to their landlord on the rest. At any time in the future, they can buy additional shares. As they purchase more shares, the rent reduces and, when they own 100% of the property, they will not need to pay rent at all.