Housing provider Wellingborough Homes has announced plans to build about 500 new homes in the borough over the next five years.
Work is already on site at two developments in the borough, a 20-home development in Earls Barton and a 48-home scheme at Mitchell Court, Wellingborough.
Five shared ownership properties will be available from spring through shared ownership at the Earls Barton development, which will give would-be home owners the chance to part-purchase a home and then rent the rest with the ability to increase the share they own up to 100 per cent as their income grows.
A recent report by the National Housing Federation showed that house prices are now seven times the average salary in the East Midlands, and that Wellingborough’s average house price has now hit £171,400.
The average private sector rent is now £550 a month.
A would-be buyer with a 20 per cent deposit would need an income of about £40,000 in order to get a mortgage based on the average house price in the borough.
Denise Lewis from Wellingborough Homes said: “We are committed to developing new homes which meet the needs of people in Wellingborough, including those who want an affordable home to buy as well as rent.
“We are particularly focused on increasing the number of homes for shared ownership in response to the Government’s push to increase opportunities for first-time buyers to buy their own home and increase the levels of home ownership.
“We will of course continue to provide homes for affordable rent for those without a deposit or enough income to secure a mortgage.
“Our recent experience of selling homes under shared ownership has shown that there is unmet demand from people who want to own their own home but cannot afford to buy a property on the open market, and we are determined to respond to that and help residents in Wellingborough benefit from secure, affordable accommodation.”
The development activity is funded in a number of ways including grants from the Homes and Communities Agency and through developer contributions towards affordable housing where required as part of the planning process.
For more information on shared ownership properties in Wellingborough and the wider region, call 0844 892 2506.