Plymouth Community Homes secures first affordable homes in Salcombe
Plymouth Community Homes (PCH) will be delivering brand new affordable homes in Salcombe after securing a range of flats and one, two and three bedroom houses in the desirable seaside town.
PCH, the largest social housing landlord in Plymouth, buys and develops homes for affordable rent and shared ownership purchase both within the city and across the surrounding area in Devon and Cornwall.
PCH is purchasing seven affordable homes at the new St Stephen’s Green development in Salcombe which lies within the South Devon Area of Outstanding Natural Beauty, and the homes will be made available for social rent and shared ownership purchase from summer 2024.
Of the seven homes, four will be offered for social rent to local people with a connection to the area, including a mix of one-bedroom and two-bedroom flats.
A social rent is based on a Government formula which takes into account the number of bedrooms, together with local wages and the open market value of the property.
There will be three homes available for shared ownership purchase through our sales brand SO Living, including a selection of one, two and three bedroom homes.
Shared ownership is a Government-backed scheme which helps people to get onto the housing ladder by buying a share of a home, and paying a low-cost rent on the remaining share.
The development is being built by Park Green, a developer building new homes in Devon and Cornwall.
The acquisition follows affordable homes secured by PCH at development sites surrounding Plymouth in recent years including in Ivybridge, Brixton, Newton Ferrers, Yelverton, Tavistock, Callington, Saltash, Liskeard and Bodmin.
Nicola Daniel, Senior Project Manager at PCH, said: “There is a huge need for affordable homes in Salcombe, and we are pleased that this development will help local people to stay in the community where they already live and work.
“It is also an exciting opportunity for PCH as this is our first scheme in Salcombe, reflecting our ambition to capitalise on development opportunities throughout Devon and Cornwall. This is vital to deliver our mission, to provide a high quality, affordable home for everyone.”
Stephen Thompson, Director at Park Green, said: “We are thrilled to be working in partnership with Plymouth Community Homes to provide much needed affordable homes in Salcombe.”
Councillor Denise O’Callaghan, Executive Lead for Housing at South Hams District Council, said: “This is excellent news. Finding homes which our residents can afford is a top priority for us, particularly in expensive areas like Salcombe which have very high numbers of second homes and holiday lets.
“We are delighted to have supported this important development. It goes a long way in making sure local people have access to high quality, truly affordable homes.”
The first affordable homes in Salcombe to be offered for rent or shared ownership sale through PCH will be available from summer 2024.
For more information or to register an interest in one of the shared ownership homes, visit the SO Living website.