For many years, house prices and rents in the UK have grown faster than average incomes. This has led to an increasing need for affordable housing as more people struggle to afford to purchase a home.
The average house price in Rushcliffe was over £212,000 in 2015, which is higher than the averages for both Nottinghamshire and Nottingham City. The average house price in Rushcliffe has risen from £190,000 in 2011, a rise of 11.5%. The average monthly rent for a privately rented property in Rushcliffe is as follows: £312 (shared accommodation); £425 (1 bedroom); £560 (2 bedrooms); £695 for (3 bedrooms); £1000 (4+bedrooms), which is higher than surrounding areas and contributes to the need for affordable housing. We work with developers and housing associations (also known as Registered Providers of Social Housing), to assess and meet the local need for affordable housing.
Affordable homes and future schemes - from 2007 to end of 2014, we helped to ensure that over 300 new affordable homes were built.
Rural homes - As a largely rural area, we make sure that affordable housing is built in the countryside where there is a housing need. This helps local people to stay in their communities and allows those communities to thrive.
What is affordable housing?
The national definition of affordable housing is set out in the National Planning Policy Framework:
“Affordable housing includes social rented, affordable rented and intermediate housing, provided to eligible households whose needs are not met by the market. Affordable housing should:
– Meet the needs of eligible households including availability at a cost low enough for them to afford, determined with regard to local incomes and local house prices.
– Include provision for the home to remain at an affordable price for future eligible households or, if these restrictions are lifted, for the subsidy to be recycled for alternative affordable housing provision.”
The three types of affordable housing are:
- Social rent – rents are set in accordance with a national formula, and are well below market levels in most areas
- Affordable Rent – rents are set at 80% of the market rent for a similar property in the area
- Intermediate housing – this covers shared ownership, HomeBuy and other models designed to help people purchase or part-purchase a home where they would not otherwise be able to get on the property ladder.
How do we deliver affordable housing?
We require all new housing developments above a certain size to provide some affordable housing. On developments of 15 or more homes, or which are 0.5 hectares or larger, we require 30% of homes to be affordable. We have carried out research into the costs and returns of development, and we use a well-respected “viability toolkit” model, which shows that the 30% figure should be achievable by all developers, and will not discourage housing investment.
How do I apply for affordable housing?
Rushcliffe transferred all of its council homes in 2003, so all affordable housing is owned by housing associations, the largest being Metropolitan.
All social housing in Rushcliffe is now advertised on the Homesearch website, our Choice Based Lettings scheme.
There are currently a range of products available to help people get onto the property ladder. This includes the Help to Buy ISA; Equity Loans; Right to Buy; Mortgage Guarantee and Shared Ownership.
The Government has set up the website: https://www.ownyourhome.gov.uk/ for people to be able to quickly see which schemes they may be eligible for.
If you are interested in finding more about affordable home ownership properties in Rushcliffe, then visit the website: www.helptobuymidlands.co.uk. Help to Buy Midlands process applications for these properties and act as a “one stop shop” for affordable home ownership in the East Midlands.