AFFORDABILITY AND WHY IT'S IMPORTANT
At Novo, we believe that affordability within the UK housing market is just as a great an issue as the need for housing supply. Availability of housing should be to accommodate as many people as possible, which is why we’re committed to including affordable homes in our developments.
We also want to go beyond the basic industry requirements and raise the bar in both the proportion of affordable homes being delivered and their architectural quality.
Our affordable homes are designed as an integral part of our developments. We are passionate about good design being available to all buyers, which is why for example, affordable housing is at the heart of the former Stamford Arms redevelopment in Little Bollington. The historically significant former public house will be transformed into nine apartments. On our Brown Street development, we’re building 12 spacious, light-filled, one- and two-bedroom apartments in the heart of sought-after Hale.
The term ‘affordable housing’ actually covers a very broad number of uses, to meet the needs of the area. As we are based within an affluent market, we seek to address the most common problem that we have seen; insufficient deposits to get onto the property ladder. To bridge the funding gap, we have focussed on Shared Ownership. This type of affordable housing encourages and supports home ownership, for those with very small deposits, but wanting to make that step into their own home. You can read our Guide to Shared Ownership and Help to Buy here.
Our homes are conceived, designed and built to reach the right market, encourage growth, change, diversity and invest in the local economy. Some have argued against our ambitions to deliver affordable homes in affluent locations, but for these areas to grow and evolve we feel it is essential. We will continue to commit to these principles across our pipeline.
Many of our developments are also available to buy though one of the government’s Help to Buy Schemes. This scheme has enabled many first time buyers in Altrincham to move into a vibrant, growing community, enjoying all that the regeneration of the town centre has to offer.
From L to R: Brown Street Apartments, Hale; The Stamford Arms, Little Bollington; Allingham Place, Altrincham